Coal, Copper and Gold's Future in Asia -- Ivanhoe Mines (IVN)
by Houghton and Atkeson 02/27/09
Ivanhoe Mines Ltd. (IVN) is an international mining company with operations focused in the Asia Pacific region.
The stock shot up 68% in February alone, and it's up 200% off its October low of $1.55. Option activity has exploded this week.
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Average option volume is 600 contracts. On Wednesday, market participants traded almost 11,534 calls, with 10,000 IVN June 5 Calls (IVNFA) in the mix. And today, they are going after the IVN June 7.50 Calls (IVNFU), as well as hitting the IVN June 5 calls again, 12,000 and 2,000 times, respectively.
The company is scheduled to report earnings March 23.
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Looking into June, the market should begin refocusing on upcoming earnings reports for evidence the economy is gaining momentum.
Watching the Treasury's Actions
In the short-term, the government's bond auction is likely to be a key driver of stocks.
Treasury Auction Boosts Market
The Treasury's auction of two-year notes brought an upside surprise which should alleviate fears of a lack of demand for U.S. paper.
Credit Markets Point to Upturn
The credit market, a reliable indicator of equity direction, suggests we will break out of the SPX's trading range to the upside.
The market seems to be saying that a 30% move up from the lows is ahead of the real economy and the market needs to allow the economy to catch up.
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