A Strong Dose of Volatility
Action junkies and risk-loving traders definitely got their fix today as the major indices took a plunge. The DJIA and the S&P eventually found support above their 20 day MA's which they successfully bounced off of. It seemed as if the selling pressure finally subsided minutes before the market close as the indices closed a slightly higher than their lows. The NASDAQ fared the best as it closed comfortably above its 10 day MA. The recent strength in the NASDAQ seems to be indicating that the institutions are parking their money in technology and medical-related stocks. While the DJIA has lost institutional money (banks have withdrawn assets from DJIA component stocks), the NASDAQ seems to still contain a healthy dose of institutional sponsorship.
Although most of my stocks took a light beating, there were several stocks that were able to hold their own. APPY, KHD, SQNM and VSEC were among some of todays stronger stocks. Even CKSW and TTG (new picks) were able to close in positive territory. SQNM was one of the top performers for today. The stock surged over 14% on strong volume.
posted by Nick M. @ 4:07 PM
4 Comments:
Nick
Gotta commend you for picking SQNM when it was still basking in the twilight zone... Now that it is mainstream.. I am hoping it can only go up ...any thoughts...?
Thanks Raj. As nice of a run as SQNM has had, I think that the best is yet to come. Although volume has picked up, there are still lots of investors and traders that are unfamiliar with it. Others may have been afraid of buying it thinking that it went "too high". Today's move should fuel more interest into the stock and its story. It seems as if part of todays move is partly due to an institution raising their price target of SQNM. The yearly price targets for this stock range from 11.75 to 13 to 15 dollars. If this is true, SQNM still has plenty of room to grow.
Wht up with CLNE..
CLNE seems to be taking advantage of the fact that oil is at all time highs and the attractiveness of alternative energy sources. ALthough highly speculative, CLNE does seem to make a good long at the current price level. Just be sure to keep an eye on it because it can reverse back to the 17 level quickly if the breakout fails.
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