Today was a great day for Steel, a good day for Fertilizers, and another strong day for Oil as a whole. These three groups are leading the market right now, and the market’s positive day only helped push stocks higher.
Let’s take a look at today’s action, starting first with a look at the overall market.
SPY (S&P 500)
Interesting base forming on this index and today’s price action pushed out of it. Good volume but not a strong close. I am looking for a heavy volume close at or very near the highs before I get excited.
A K Steel (AKS)
Barely broke my $49.50 buy point yesterday but today the stock had increasing volume and moved up 5.5% to a close of $51.30. Next resistance should come around $54 and new highs.
Steel Dynamics (STLD)
STLD opened yesterday at $56.01 and ran above $59 before closing just under $58. Today the stock traded higher volume then yesterday and closed just under $60. STLD is up 7% from my $56 buy point.
Earnings came out this morning and at first the stock was slow to find direction but then took off to my $133.50 buy point with ease. RIG closed up 9 points today, or 7%, to $138.73 on demanding volume. Look for higher prices to come.
CF Industries (CF)
I have covered fertilizers closely here on the blog over the last few weeks, and CF is just one example of success. Original buy point was at $112, and my second buy point on CF was with a break to new highs above $121. The stock didn’t get a good follow through day today, but nonetheless is looking good with a close today of $127.
Potash Corp. (POT)
POT leads the fertilizers, and with today’s close of $156 is sitting comfortably above our $145 buy point.
Mosaic Company (MOS)
If you’ve missed the memo here on Stock Trading To Go lately, I will say it again, fertilizers are hot. MOS was originally a buy with a break above $101. The stock closed today at $114.04, up some 13%+ since its original buy point.
Devon Energy (DVN)
Probably one of the best breaks I’ve seen in a while, DVN not only broke on heavy volume yesterday, but proceeded to add to its gains and show even more institutional support as the stock moved to a close today of $99.58. DVN was featured with a buy point of $95.
Hess Corp (HES)
HES finally broke past my $94 buy point, but on lower than average volume. Today the stock opened down and rallied back to a close of $94.41, but again on low volume. HES needs a heavy volume move for me to be really excited.
Petrolea Brasileiro (PBR)
PBR and HES lie in the same industry group, and today PBR followed up its $120 break yesterday to close at $120.54, on almost average volume. Like HES though, PBR needs to see a big up day with strong institutional support to really establish its up trend. I am cautiously optimistic 😈 .