The bullish momentum continued on Friday as the broader indexes rallied to new multi year highs for the fourth day in a row. With macro data coming in softer than expected today, traders instead chose to focus on the strong earnings reported by Caterpillar (CAT), Merck (MRK), Chevron (CVX), and D.R. Horton (DHI). Although the Thomson Reuters/University of Michigan Consumer Sentiment index fell and Chicago PMI came in less than expected, the bulls could not be denied. Also of note was the action in the VIX, which at one point was up 2% even as the indexes were solidly in the green. We noted earlier this week that this action in the VIX is positive because it means traders & investors are purchasing protection and hedging their portfolios.
In regards to the action today for us here at stockhaven.com, we only have one thing to say… Wow! What a great way to finish up the week. We alerted our first featured pick and it did not disappoint. We had a feeling OTGI could gain momentum because of its attractive share price and lithium story, and boy were we right! The stock rallied hard from our alert @ .058 to hit a high of .16 for potential gains of 175%, before settling up 75% to close @ .101. OTGI has a great story going forward and we’ll be buyers of dips as this one should continue to trend higher. LTUM was the other big gainer, hitting $1.90 from our call @ .50 yesterday. After calling the top live in our chat room in the high $1.80’s we then nailed the intraday bottom @ .70 and watched the stock move into the $1.20’s. The action in LTUM provided us with combined gains of 346%. LFVN, which we highlighted in our watchlist this morning, broke out and moved 34% to close @ $1.34. As usual, our members contributed with great chat room calls like CLSN (+7%), DRL (+25%), and DNAD (+59%). BRKM also caught our eye as the stock had 2 block trades of 1 million shares each (read our article here highlighting block trades).
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