Moved out of ERII Tuesday to protect against a weak sector but keep that one on watch for a move to $10 when the sector bases and moves up.
KMI and BHP, currently in the portfolio are both looking good this morning.
KMI +4% +$1,300 announced last night they cut the dividend which was expected resulting in keeping their stellar rating with the S&P 500. These guys handled the difficult time like professionals opting to cut the dividend versus ‘hoping’ oil / gas will bounce. After the dividend players move on I think we’ll get a move to $20’s here.
BHP is also moving up with commodities this morning, let’s look for profit on the way to the $30’s when it starts to trend.
For new trade ideas I really like GLUU long term for a move back to $3.60’s. Stop loss here would be below $2.90’s making the risk reward excellent. Here’s a report I did on TheStreet recently on GLUU detailing why it’s a good long term bet.
I think oil / gas is due for a bounce so let’s watch BAS again here. I’d like to scoop 10,000 shares soon there and hold for a few weeks up into the upper $3’s.
That’s all for now. I’ll look to start in on GLUU today provided the IWM is trending up, otherwise I’ll continue to spot for a bottom in the market, attempting to buy GLUU as cheaply as possible before the markets move back up.