Day Trading Strategies -pt2
Daily Stock Report for Monday Morning, April 12
, 2010 pt2
Summary Opinion
All of the major indexes have surpassed the January highs and has resumed its bull market run that started over a year ago on March 10, 2009. Our current assumption is the bull run should continue to make higher highs after any pullbacks.
Calendar (All Eastern times)
Monday, 1000am, Treasury Budget, $67.5B
Tuesday, 830am, Import-Export Prices
Tuesday, 830am, Trade Balance, -$39.0B
Wednesday, 830am, CPI, 0.1%
Wednesday, 830am, Retail Sales, 1.1%
Wednesday, 1000am, Business Inventories, 0.3%
Wednesday, 1030am, Crude Inventories, 1.98M
Wednesday, 200pm, Fed Beige Book
Thursday, 830am, Continuing Claims, 4,600K
Thursday, 830am Initial Claims, 440K
Thursday, 915am, Capacity Utilization, 73.3%
Thursday, 915am, Industrial Production, 0.7%
Friday, 830am Building Permits, 626K
Friday, 830am, Housing Starts, 610K
Friday, 955am, Univ Michigan Sentiment, 75.0
Follow-up notes:
RIG, TransOcean and other oil stocks continued lower Friday but expect a snapback rebound. If still short, cover Monday early.
CLR, Continental Resources. If still short, still should be OK if it heads down Monday and Tuesday and does not make new highs from Fridays high.
PTRY, Pantry Grocery Stores has been moving up on news that a competitor, Caseys General Store received a full cash buyout offer. Interesting how PTRY has been moving up for 4 days and Caseys just received a buyout offer today.
TM, Toyota Motors had that little pop on Friday and sold off today. This could easily rebound assuming you are patient enough to hold much longer. As usual, we take the stance to sell when indicators are turning negative.
Mitch King is the founder of TradeStocksAmerica.com. All material presented herein is believed to be reliable but we cannot attest to its accuracy. All material represents the opinions of Mitch King. Investment recommendations may change without notice and readers are urged to check with their investment counselors before making any investment decisions. Opinions expressed in these reports may change without prior notice. Mitch King and/or the staff at TradeStocksAmerica.com may or may not have investments in any stocks cited above before or after this newsletter is prepared. Use the stock table above as a model portfolio of ideas that look attractive at the time of the writing. Comments can be hypothetical in nature. Opinions expressed in these reports may change without prior notice. Disclaimer - Stock investing or stock trading has large potential rewards, but also large potential risk. There is risk of loss as well as the opportunity for gain when buying or selling stocks, bonds, option contracts or engaging in any strategy listed in the Daily Stock Report, The Wizard Training Course, The Trading Room and our seminar or workshops. You must be aware of the risks and be willing to accept the risks when investing or trading in any financial markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell stocks. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.
by: Mitch King
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