Shipping Stocks Alert 6-17 update, NEWL +105% has popped on the biggest volume ever of 8.6+ million shares (average 819k). What ever the reason, the price is sitting right on the 50 day moving average at $.29-$.30 the high of the day. I suspect with this volume, momentum will carry it higher to resistance at $37-$.39. Target is $.44, then $.60 in the near term. Price precedes news, so maybe something is afoot we know nothing about, but somebody must.
FRO gapped up on huge volume and hit right on my first line of resistance at the 5-22 high of $2.55, up from a close on Friday at $1.87. First target is the March high at $2.62, then a gap from February between $2.74 and $2.90, (the 200 day moving average line.
FREE hit a high right on the 20 day moving average at $.65, closing at $.60. First target is $.82-$.84, the 50 day moving average. Volume was 4x average. Stochastics for all 3 are between 31 and 44, so there is plenty of room on the upside before any are overbought.
It will be very interesting in the next few days to see what made these 3 of 9 shipping stocks (FREE, NEWL, FRO) pop so much when the rest of the sector was a ho-hum day.
End-of-quarter maneuvering was cited for volatility in the euro on Friday. The euro zone common currency was off 0.2 percent to $1.3014.
Against the yen, the dollar was up 0.8 percent at 99.16 yen.
Gold, which had soared in value as a hedge against higher inflation from the cheap central bank money being printed, has slumped. Despite posting on Friday its largest daily percentage gain in a year, spot gold prices fell about 23 percent for the quarter, the largest quarterly percentage drop on records going back to 1968.
Gold was recently trading at $1,233 an ounce, its lowest level since August 2010.
China's stock markets had also seen their biggest gains in two months after the country's central bank, which had let short-term borrowing costs spike to record highs, said it would ensure its policy supported a slowing economy.
Brent crude oil futures fell 0.7 percent but were up 1.7 percent for the month, the first positive month in five.
Copper edged up but its more than 10 percent decline for the quarter was the worst performance in almost two years.
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