Great Up Day On Earnings - RSI Drowning in Picks
Posted on April 16, 2008 at 22:20 PM EDT
Today in the market, Wednesday April 2, 2008: The market pushed higher on positive earnings news. The major averages closed with gains near 3%. Have we seen the bottom? As long as the S&P 500 stays above 1310, I believe the answer is yes. This may be the opportunity to add cash reserves to the market. RSI’s Themes: Gold continues to be a theme for the ETF/CEF crowd. Stock picks reflect a leaning towards blue chip, steel, gold/mining, and foreign based companies. ETF/CEF Low Volatility: FXA - Currency Shares Australian Dollar Trust ETF/CEF Medium Volatility: ASA - ASA Ltd. GDX - Market Vectors Gold Miners XME - SPDR S&P Metals & Mining Index Stocks Low Volatility: IBM - International Business Machines TEVA - Teva Pharmaceutical Industries Ltd. Stocks Medium Volatility: ABV - Companhia de Bebidas das Americas BTI - British American Tobacco Industries, p.l.c. CEDC - Central European Distribution Corp. CRM - Salesforce.com, Inc. ESV - Ensco Intl, Inc. GEF - Greif Bros. Corp. GGB - Gerdau Usa GNA - Gerdau AmeriSteel Corp. HEW - Hewitt Associates, Inc. LUK - Leucadia National Corp. MT - ArcelorMittal SA NHP - Nationwide Hlth Prop, Inc. RTN - Raytheon SCHN - Schnitzer Steel Industries, Inc. TUP - Tupperware Brands Corp. VMI - Valmont Industries, Inc. WFT - Weatherford Intl WW - Watson Wyatt & Co. X - USX-US Steel Group, Inc. Stocks High Volatility: BVN - Compania Minas Buenavntra GG - Goldcorp, Inc. KGC - Kinross Gold Corp. MA - Mastercard SID - Companhia Siderurgica Nac There are several stocks new to RSI: Salesforce.com, inc. provides on-demand customer relationship management (CRM) services to businesses and industries worldwide. Leucadia National Corporation, through its subsidiaries, engages in manufacturing, telecommunications, property management and services, gaming entertainment, real estate activities, medical product development, and winery operations. Schnitzer Steel Industries, Inc. engages in recycling ferrous and nonferrous metals, and used and salvaged vehicles; and manufacturing finished steel products in the United States and Canada. United States Steel Corporation produces steel products. It operates through three segments: Flat-rolled Products, U. S. Steel Europe, and Tubular Products. Compania de Minas Buenaventura S.A.A. engages in the exploration, mining, and processing of gold, silver, and various metals in Peru and internationally. Goldcorp, Inc., together with its subsidiaries, engages in the acquisition, exploration, development, and operation of precious metal properties in Canada, the United States, Mexico, and central and South America. Sorry no graphics today.