Nasdaq is proving once again to be the place to be...UP strongly again today !!!!
JPM beat was not enough to get the markets going...as Dow is flattish.....
GE & C is next in line to report.....lot of good news is already reflected in financial stocks....
GOOG ER AH is expected to be a BEAT.....
GOLD down $12.80
Oil UP 41 cents
Canadian $ is taking a breather today...Down 24 tick against US$....
Portfolio is RIMM,GNK,IPI,PALM,MRVL,NVDA,PMCS,WEN...
@ 12.08 following are among green :
RIMM,GNK,PMCS,PALM,MU,SINA,BRCD,LULU,
BIDU,EGLE,GOOG,FWLT,EXPE,AAPL,GERN.
BLOG does NOT give buy or sell.
Saleem
5 comments:
Saleem,
What is the next resistance level of GNK? It behaves very well today. Thanks.
Michael
Hi Michael,
Based on stockconsultant.com..it is $19.45....then $23.76....
I am holding GNK till markets gets overbought...based on RSI....
Good luck on your OWN comfort level with GNK.
Saleem
some information on Drys:
Dry bulk shipping stocks were on the rise Thursday, mirroring activity in the broader market
Investors interested in Chinese consumption of basic materials may take heart in a report that Rio Tinto(RTP Quote) expects Chinese demand for iron ore to increase in the latter half of 2009. Though the company reported a drop in quarterly iron ore production on Wednesday, CEO Tom Albanese said he expects the Chinese government's stimulus package to boost investment in infrastructure and housing.
Analysts at Credit Suisse echoed his optimism Thursday and upgraded the steel industry from benchmark to overweight on improved prospects in China. Among the dry bulk firms:
Diana Shipping(DSX Quote) was up 0.7% to $13.99.
Eagle Bulk Shipping(EGLE Quote) was up 5.6% to $6.05.
Genco Shipping(GNK Quote) was up 3.8% to $15.98.
Excel Maritime(EXM Quote) was rising 1.3% to $6.87.
DryShips(DRYS Quote) was up 5.6% to $5.57.
Navios Maritime(NM Quote) was up 5% to $2.97.
http://www.thestreet.com/_yahoo/story/10...
Hi Madmax,
Thanks for the detailed commentary on Iron Ore & Shipping stocks.
Saleem
here i san interesting article about Iron Ore and Steel exporting from China.
If totally true well you be the judge:
TIANJIN, China, April 13 (Reuters) - China's iron ore imports surged in February and March because of "fake demand" brought about by stockpiling and they are likely to fall off over the rest of the year, a government official said on Monday.
"The increase in steel production in January and February didn't lead to an increase in (end-user) demand, but all ended up in inventories," Liang Shuhe, the vice-chairman of the Ministry of Commerce's Foreign Trade Department, told an industry conference in the port city of Tianjin, near Beijing.
In response to the "fake demand" at the beginning of the year, China's steel mills and traders made the mistake of increasing their orders for iron ore, leading to record imports in February and March, he said.
"In February, some of my foreign contacts told me that China's steel market wasn't doing badly... but (the increase in demand) was actually a sign of weakness," Liang said.
China's iron ore imports hit 52.1 million tonnes last month, eclipsing the previous record set in February and soaring 46 percent from March 2008. China's exports of steel products, at 1.67 million tonnes, were 60 percent down on the previous March.
"When steel output capacity falls later in the year, the demand for iron ore will also fall," said Liang.
Iron ore has been backed up at China's ports for months, with little sign of demand running down the stockpiles. That has set a gloomy background for annual price talks between China's Baosteel (600019.SS: Quote, Profile, Research) and the top iron ore suppliers Vale (VALE5.SA: Quote, Profile, Research), Rio Tinto (RIO.AX: Quote, Profile, Research)(RIO.L: Quote, Profile, Research) and BHP Billiton (BHP.AX: Quote, Profile, Research)(BLT.L: Quote, Profile, Research).
The Chinese price negotiations set a global benchmark, so more ore in China could affect world steel prices for the year. For more information on the talks,
here is the link please click http://in.reuters.com/article/oilRpt/idINPEK5406820090413?pageNumber=1&virtualBrandChannel=0
Post a Comment