High Probability Stock Picks Pt1

Daily Stock Report for Monday Morning, March 22

, 2010 pt1

The Dow30 snapped its eight day winning streak on Friday and closed down 0.35% but still closed up 1.1% for the week and is up 3% for the year so far. The Nasdaq had a tougher day closing down 0.7% and erased most of the weeks gain but closed up 0.3% for the week and is up 4.6% for the year. The S&P 500 closed down 0.5% on Friday, up 0.86% for the week and up 4.0% for the year. Russell 2000 (small caps) closed down 1.1% Friday and is up 7.7% for the year.

Supposedly, the new worries about Greece again pushed the US Dollar higher which pushed stocks, commodities lower plus there was uncertainty about the health bill vote this weekend. But in the normal course of stocks moving up 8 consecutive days on the indexes, we usually see some selling.

The vote on the health care reform bill is currently in favor of a change at 224-206 and the futures are currently down 61 points on the Dow30, 7.7 points for the S&P 500 and 10.75 points for the Nasdaq Composite. This adds up to be about 0.57% to 0.6%.

The markets are likely to sell off after a big run anyhow and this health care vote is just a catalyst to trigger the selling. Selling may last for days before any meaningful attempt for a reversal.

A reasonable assumption is that after a slight pullback, we could get a higher high in future weeks. Keep stop losses set

Scalp of the Day:

SWN, Southwestern Energy dropped along with most energy stocks and bottomed at about 1115am eastern time and rebounded for a 4.6% potential profit.

*These are the kind of trade ideas we will be giving in the Trading Room, which we are in beta testing right now.

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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