Day Trading Techniques Pt2
Daily Stock Report for Friday Morning, February 5
, 2010 pt2
Summary Opinion We are at a critical level that could establish a downtrend if lower lows are made or this could be just a pullback within an uptrend.
Calendar Tuesday, 200pm, ET, Auto & Truck Sales Wednesday, 730am, Challenger Job Cuts, -72.9%Wednesday, 815am ET, ADP Employment, -40kWednesday, 1030am ET, Crude Inventories, -3.89MThursday, 830am ET, Initial Jobless Claims, 454KThursday, 830am ET, Continuing Claims, 4600KThursday, 830am ET, Productivity, 6.0%Thursday, 830am ET, Factory Orders, 0.6%Friday, 830am ET, Nonfarm Payrolls, 13KFriday, 830 ET, Unemployment Rate, 10.0%Friday, 830am ET, Average Workweek, Hourly Earning Friday, 300pm ET, Consumer Credit, -$9.5B
Follow-up notes:
Focus chart: (Worden Stockfinder chart)
CNLG, Conolog Corp has had a more complete correction than most bullshorts helped by the sharply down market Thursday. Although this is a lower priced stock that only a few firms allow shorting under $5, it is the same pattern you have seen in NLST, SEED, ICXT, HPJ, and many others. The profit potential from this 2 days ago at $4.73 to todays low of $2.85 is 65% but of course, you only make part of that, maybe 1/3rd to a half.
REPEAT: We have seen a series of excellent Bullshorts recently but dont let that fool you into thinking we will win on the next 97 out of 100. This is a tough business and this technique, as with all trading and investing strategies, should be treated with all due respect. That means: dont get careless, dont build large leveraged positions and start with very small positions at first and then build a full position after signs of a correction.
The key thing with these bullshorts is that you cannot, I repeat, CANNOT get too heavy at all, especially early as the stock is going up. You have to weigh the position size and getting in early as the stock rises while the shares are available to short from your brokerage firm.
Study the Bullshorts chapter in The Wizard Training Course, there is 4 hours of recorded video there and it still applies today as it did when that was recorded in 20087 to 2009. Ive been bullshorting since 1993 and it works about the same today.
Mitch King
www.TradeStocksAmerica.com
Contents: online stock trading, trading strategies, stock picks, stock market education, stock market investing course, educational stock trading videos, stock trading newsletter, stock market newsletter,
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
Giving With A Conscience Why Ethical Gifts Make The Best Presents How Do You Induce Labor? The Safest and Most Natural Techniques to Jump Start Your Own Labor How to Make a Girl Ejaculate Tonight - The Top G-Spot Stimulation Techniques That Will Drive Her Wild Technologies For Office Work The City of Arts and Sciences in Valencia Led And Light Technology Has Overcome The Limitations Of Incandescent Bulbs Killer Techniques For Boosting Your Traffic With Backlinks Panic Attacks And Anxiety Are So Common Today Yet We Have More Advanced Technology. Why Is This? Day Trading Techniques Pt1 Maternity Acupressure Techniques Technology Improves Natural Gas Exploration NASCAR Ethnic background Bundle Offers - 3 Techniques to Guide Your Deal in Sin Metropolis Getting The Most From Massage Therapy Techniques