The market started strong but slid midday to end in the red suggesting we may be in for a break.
Alternative Energy started strong but tailed off midday with FSLR, LDK, and MEE reversing off their intraday highs. Steel stocks though opened strong and finished the day still posting nice gains.
Lastly today Earnings season kicked off and overall I am very skeptical. A few bad days of earnings calls can send this market back down as fast as it went up. Keep those stop losses tight and don’t hesitate to take profits.
This index still needs to break past 2420 before the bulls can really get excited.
S&P 500 (SPY)
$140 still remains as the next key price target for SPY.
A K Steel (AKS)
Three words, Steel is hot.
AKS is up nearly 30% since it was originally mentioned on this blog.
Steel Dynamics (STLD)
Another strong Steel play that is up an impressive 33.5% since I originally featured it here on the blog.
Arcelor Mittal (MT)
This third Steel pick has moved up nicely since its $80.30 buy point.
First Solar (FSLR)
FSLR hit all time highs today but retreated off its highs and closed mixed suggesting this stock may be ready for a rest.
Intuitive Surgical (ISRG)
ISRG didn’t get to new high territory but its reversal close suggests the stock may need to build a base before moving higher.
Desarrolladora Homex (HXM)
I mentioned HXM as one of my favorite home builders, and the stock has run nicely so far since its $59 buy point. I imagine the stock will make some sort of base before making a reputable move past $65. All-time high for HXM is $65.37.
See you tomorrow.