Real Time Stock Trading Picks -pt2
Daily Stock Report for Monday Morning, May 3, 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, 830am, Personal Income, 0.3%
Monday, 830am, Personal Spending, 0.6%
Monday, 1000am, Construction Spending, -0.3%
Monday, 1000am ISM Index, 60.0
Monday, 200pm Truck & Auto Sales, 4.6M, 4.2M
Tuesday, 1000 Factory Orders, -0.2%
Tuesday, 1000am, Pending Home Sales, 5.0%
Wednesday, 815am, ADP Employment Change, 30K
Wednesday, 1000am, ISM Services Index, 56.1
Thursday, 830am, Continuing Claims, 4600K
Thursday, 830am, Initial Claims, 440K
Thursday, 830am, Unemployment Rate, 9.7%
Thursday, 830am, Nonfarm Payrolls, 187K
Thursday, 830am, Avg Workweek, 34 hours
Thursday, 830am Hourly Earnings, 0.1% gain
Friday, 300pm, Consumer Credit, -3.93B
Follow-up notes:
DNDN, Dendreon received approval for marketing from FDA today on their drug, Provenge. The stock was stronger than expected, especially in a down market. This had a high of $57.67 and low of $53.30. Monday is likely to be a negative day for the market, especially at the opening and DNDN is likely to move higher considering how strong it was in a down day. If the market turns positive, DNDN will likely have smoother sailing going up. Great for scalping (day trading) and this could turn into a bullshort at some point but the news is very bullish being the first cancer being promoted as a vaccine and as a preventative treatment for prostrate cancer. Revenue for DNDN is $31,000 per treatment x 3=$93,000. This is very likely to act like DNA did with their drug 3-4 years ago where the stock just continued to power up for months after the FDA approval.
WLP, Wellpoint Health corrected hard today by 9% to a lower low. This is a very good example of having a stop to protect some of your profits, If not long, this should give us another long swing after this stops dropping.
Focus chart: (Worden Stockfinder chart)
FTBK, Frontier Financial dropped another 22.4% today (Friday) as a big down day or series of down days help the bullshorts come to complete maturity the same way a farm harvests his crop. And this sector matured beautifully, better than most. Review charts on right again. As always, it is safer to see these bullshort stocks turn over and go down before shorting. Please study Bullshorts in The Wizard Training Course BEFORE you attempt to use this trading technique.
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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