Well, similar to yesterday the bad news got bought as the markets shrugged off disappointing data on jobless claims and GDP. We think this is further evidence of both a technical rally in a short-term oversold market, as well as a signal that the market expects the Federal Reserve to continue their stimulus in what would be QE3. As has often been the case, the Russell 2000 was the clear leader today, gaining over 1% while the Dow was only up .07%. Such action supports are argument that the Russell 2000 is a good leading indicator for the overall markets.
We harp on the action in the VIX quite a bit and for good reason, it has consistently given us to clues as to the markets next direction. Given that the market was only up modestly we are a bit concerned the VIX dropped over 5%. After seeing the VIX rise 25% in a 48 hour period after similar activity last week, we fear that market participants may be leaving themselves unhedged. We will continue to monitor the action closely.
Stock chat was rockin’ today with an absolutely monster alert of NEOM. The stock was alerted live @ $0.015 after solid news came out and again on our twitter feed @ $0.02. After churning much of the morning it broke out to new highs running all the way over $0.06 for 300% gains from our initial alert. We had many members bank well over 100%. LBSR also caught our attention end of day as a PR hit 20 minutes before the bell and volume rushed in. LBSR has a history of making big runs, so we will be watching to see if the momentum continues into the morning.
The following stocks are on our watch list and have solid chart set ups moving forward: NWBO, ARNA, XTXI, OPK, EGHT, GLUU, HDUP, KKD, DSCO, UAMY, CVSL, SHKZ, SKGP, TBBC, & SRSR.
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