Oil and China Steel -May 19th Update

CHINA STEEL SOARS!

Sold For Gain Today
PDO - $2165
CPSL - $722
MTZ - $66
ICPR $25
Sold for Loss Today
EWST - $11

Total Gain Today $2967!!

China Steel and Energy stocks again led the day with Solar taking gains and settling down towards the end of the day. But the story was China Steel CPSL, SUTR and Energy Stocks PDO, MXP, FPP, MPET and SYNM.

CNBC had one guest reporting that global demand for steel was IMMENSE! Again, RIO, MTL and the likes have been excellent plays and continue to be, but to be able to buy a China Steel company for less the $8 a share is simply a STEAL. :-)

China Precision Steel is a niche precision steel processing company principally engaged in producing and selling high precision cold-rolled steel products with high margin. I sold half my position today for a solid gain, but a better play would have been to hold all of it. This one showed incredible stength in the market today with big money buys on the dips and closed up 33.33% at $7.96. I'm looking at $10 for this before I consider selling.


The big question of the day was whether or not PDO would hold on to it's 65%+ gains or could the shorts to take it down. By the end of the day PDO proved it's place on the scene adding another 16.90% as this looks like a perfect short squeeze in the making when IBD releases it's new rankings.

Although I believe EWST will be a terrific stock, there just isn't enough volume in this one yet so I sold off my position for an $11 loss and took positions in FPP, SYNM, ROYL as the energy plays are just too good to pass up. As you can see overall it was a VERY GOOD day and I think I'm set up nicely going into the week. I took all the profits from PDO to get into these new plays. FPP closed at $4.28 up 36.37%, SYNM closed at $2.45 up 31.02% and ROYL at $4.64 up 12.94%.

SYNM has been ripping it up lately and they should. Syntroleum is utilizing its Bio-Synfining™ technology to produce renewable synthetic fuels with the same superior qualities as petroleum based products.

FieldPoint Petroleum Corporation or FPP is engaged in oil and gas exploration, production, and acquisition.

As of January 2008, the Company has varying ownership interest in approximately 300 wells located in Oklahoma, Louisiana, New Mexico, Texas and Wyoming. Perfect plays with energy stocks soaring so this should be another good week.

Magellan Petroleum Corporation MPET was another pick added to the portfolio and is engaged in the sale of oil and gas and the exploration for and development of oil and gas reserves. The Company has operations in Australia, Canada and the United Kingdom. Again another mover right now in the market and at $1.83 could see some big gains fast.

Finally Capstone Turbine had another great day and thought Ii could have sold at the high in the of $3.8o's but I just feel this company is more of a long term hold. If you haven't seen what they build, check out this video an then you to just might be as excited as I am about there future.