In fact some of the stocks I mentioned last week have pulled back a little, and have reached target levels:

ZMH – start accumulating at 59.30-59.70. Stop at 58.20. Target 65.00. 1/5 Risk/Reward.

RINO – has pulled back more than 4%, but has already managed to get into positive territory. Expecting a 50% rise by May.

CHK – buy now at 25.00-25.50. It is a save pick unless it trades below 24.00.

ADY – been burned in this one, but I believe it deserves a second chance. Right now it is stuck between 22 and 21. My strategy would be to buy 1/2 at the current level with the stop below 21. Add to the position when we breakout above 22. Looking for a gap close at 24.

With the current pullback in the stock market, most of the companies have reached buying levels. Others have breached below their support levels and headed lower and some have already reached their targets.

The most remarkable calls were in CPE and DSPG. Check out the charts:

The DSPG stock has made a pullback right to the entry point at 5.80 and then reversed all the way to 7$. It looks like it has some steam left. My target would be 7.75 before any rebound.

CPE has risen more than 40% since my call.

Here is the list of the remaining stocks to watch this week:

NTRI
TRA
AGU
TSO
VLO
PETD
ALY
OMNI
CFW
NGAS
WNR

Here is another stock similar to CPE:
KAZ - a US registered company ingaged in oil production and exploration in Kazakhstan. BMB Munai operates under its wholly owned subsidiary Emir Oil. The company is engaged in the exploration, development, and production of crude oil and natural gas. The Aksaz, Dolinnoe, and Emir oil and gas fields in western Kazakhstan serve as the primary areas for exploration and development. It transports oil and gas via rail, barge, and pipeline through Russian territory.

Although the stock is losing its steam and there is no follow through in price, it is strong fundamentilly. With the market Cap. of ~60$ mil. it has 250$ mil. of proven oil and gas reserves.

I have gone long at 1.20$ and planning to hold this one forawhile. Next week they will aanounce their 3rd quarter results, that should be interesting.

For those of you who are able to stomach big swings. Here is a list of Micro Cap Stocks with interesting formations.

Micro Cap. Trading at 5$
XTEX – pullback to 6-7 to buy
PETD – buy above 20. targets 23-25
BBEP – buy at 200ema
PKOH – buy at 6.50
FTBK – buy at 4.0-4.5
ALY – buy at 4. Target 6.
WNR – buy at 5. Target 7.
DSPG – buy at 5.80. Target 7$

Micro Caps. Trading Below 5$
KAZ – buy at 1.30.target 2.5
CPE – buy at a pullback to 1.7. stop at 1.5. target 4-5 (huge gap in that area)
CFW – symm. triangle. buy at 0.90. target 2-2.50
NGAS – buy at 1.6. target 3.5
OMNI – buy above 1.75. Traget 2.75

The current price action is very similar to the one we’ve witnessed in the beginning of June (see the chart). If this is the case, we might be looking to some downward action (80-100 points) and another rally to 1150-1200 level by year’s end. But I am only guessing here.

As for EUR/USD, you can see that the trend up is slowing (see numbers 1,2 on the chart) meaning we will break one way or another. I am betting that we are going to 1.4750 at least.

GOLD is the only thing that worries me. It hasn’t shown any signs of weakness, and that symmetrical triangle breakout to the upside looks even more possible than several weeks ago. I guess, we just have to wait and see how it plays out. One possibility is that we’ll get a fake breakdown to 900-910 and then a violent move up.