Tuesday, October 20, 2009
Evaluating the Market & GNK on the Radar
Taking a look at the US Dollar which has broken below the 76 level, I'm looking for a consolidation in gold here, but trend higher longer term.
The Volatility Index ($VIX) looks extremely low, expect a pop near term and for the markets to pullback after this earnings rally. Although there are several buys, like Research in Motion (RIMM)...which is undervalued and over sold. Commodities such as gold are looking like they may consolidate, oil finally broke over $75 resistance at $80. I see it pulling back to $75 support and then making another attempt this time to $85 by year end.
Genco (GNK) looks interesting, the chart appears to indicate a breakout, but the Stochs are over bought...that said maybe look at accumulating here, load up at $20! PnF has a $40.50 Price Objective ~CHART~ . Currently on Itz Pix Radar, give it a few days...may add to portfolio very soon.
*click on chart to expand image