Tuesday, May 3, 2011

Chart du Jour: As Rare Earth Stocks Dominate, Even I Think this is Getting Silly (AVL; MCP; REE)

Hey, I'm as irrational as the next guy but come on. Molycorp just passed a $6 billion market cap on a 7 8% up-move.
Here's Avalon's daily chart via Wall Street Pit:

Rare Earth Stocks Dominate The Action

Why are things popping?
One of Molycorp's underwriters raised their price target:
Dahlman Rose Increases Molycorp PT To $125, Reiterates Buy
Nothing like last weeks: 
MCP $77.64 up 8.56%.
AVL $9.24 up 4.64%
REE $14.48 up 4.61%

MCP reports a week from today.