Real Time Stock Trading Picks Pt2
Daily Stock Report for Tuesday Morning, March 9
, 2010 pt2
Summary Opinion
The Russell 2000 (small caps) and Nasdaq Composite (Techs) have exceed the January 2010 highs, establishing this as a bull market that is resuming after a pullback. When the Dow30 and S&P 500 exceed the January 2010 highs, stocks should move higher.
Calendar (All Eastern times)
Monday, 1000am, Wholesale Inventories, 0.2%
Monday, 1030am, Crude Inventories, 4.03M.
Monday, 200pm, Treasury Budget, -$210B
Tuesday, 830am, Continuing Claims, 4495K
Tuesday, 830am, Initial Claims, 460K
Tuesday, 930am, Trade Balance, -$41B
Wednesday, 830am, Retail Sales, 0.2%
Wednesday, 955am, University Michigan Sentiment, 73.8
Wednesday, 1000am, Business Inventories, 0.2%
Follow-up notes:
TM, Toyota Motors had had higher highs Monday with $77.94 as intraday high. This is acting good as this should get into the low $80s. Dont be in any hurry to sell TM.
TNH, Terra Nitrogen opened down this morning below $86 and touched $84.95 on the bid and stayed between $85 and $87.50 for most of the day until the company released a statement clarifying they have not borrowed from their credit facilities in over 5 years and that their cash positions are over $81 million. This is probably in response to some rumors, perhaps on some article on a website. The daily chart pattern shows it had an accelerating sell-off this past week with increased volume but closed up 5.4% today. Consider selling the next couple of days.
ENER, Energy Conversion Devices spiked up late in the session today and closed up 8.63%. Start watching this closely if you are long to look for an exit point. The basic approach to the last two stock ideas is to capture the bulk of the profits after big moves up like we have seen.
Focus chart: (Worden Stockfinder chart)
TIVO, Tivo is softening today but should stay fairly high (bullish) with this particular news. Most bullshort stocks would correct hard but this news could keep it up for some time. The best odds is to trade this as an intraday scalp long or short as signals appear.
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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