daytrade diaries... june 2, page-6

Morning All,

Well what a night in the US. Although I think now its getting ahead of itself, I will continue to take advantage of the rising of indexes across the board.

The rise in the commodities space was impressive, with signs of improvement in global manufacturing yesterday fed inflation fears that weakened the dollar and drove most commodities to multi-month highs as June opened.

Here is an interesting article worth reading.

Copper and Nickel in particular were impressive in the base metals space, with Copper surging over 5% to $2.29us/lb.

Nickel also had some solid gains reaching its highest level since the beginning of October. I posted a chart last night on WSA thread showing the Nickel chart has infact broken out.

Although, Uranium does get traded like other commodities, I suspect the stength in this energy sector will also flow through to this sector today.

Stocks to watch today include AGO, DYL, MUN, EXT, TOE, BJT, NXS, CXY, WHE, ARU, IRN, WSA and UEQ

Here are a few charts. The first Uranium Equities (UEQ). Hit 16c yesterday before closing at 15c up 4% yesterday. The volume in building, and I suspect we will see it break out of the pennent today. If so, then I have a short term price target of 22c.



The second is Western Areas (WSA). Closed on its daily high yesterday of $4.99 up 4.61%. With Nickel hitting 6 month highs overnight, I would expect this to go much higher today. I have a short term price target here of $5.50.



Finally Toro Energy (TOE). Havent had a chance to look at the boll bands on this one, but I would assume they would be gettin tight. We are seeing higher lows, and I am sitting tightly waiting for a break above 26c. Closed @ 24.5c yesterday, with the sellers starting to look a little exhausted. Keep an eye on this one.

Good luck today guys, I think we are going to see this rally continue towards the 9200 level on the DOW. From their who knows...

Cheers

Kevi