Real Time Stock Trading Room -pt1

Daily Stock Report for Tuesday Morning, May 4

, 2010 pt1

US stocks were strong again as the buy on the dippers came in full speed on the buying after Greece got a $146 billion Euro bailout package this weekend which sent up stock prices throughout the world. The response of the European Central Bank was far greater in terms of monetary amounts than expected by the market and the Dow30 responded by moving up 1.3%, Nasdaq up 1.53%, the S&P 500 up 1.3% and the Russell 2000 was up 2.26% on Monday.

So for now, the downgrades of Greece, Portugal, and Spain are behind us now and any similar news of the other countries probably wont reappear for at least..hmmm, a few weeks.

The focus of the media was on the oil spill Monday and off the Greece news and other European countries, perhaps because the attention span of the viewers is almost as short as investors. It is almost a self fulfilling prophecy when the media focuses on a subject and a sector of the market reacts to whatever news is presented to them.

Todays trading action shows how strong and plentiful the buyers are by reacting so positively to the Greece bailout news but the key thing to watch now is if there is follow through on the upside in the next few days to make higher highs OR if stocks fizzle out and resume the downtrend that started last week.

If we have the market turn down tomorrow on Tuesday followed by another day or two on the down side, we would have a lower low and lower highs and would support the idea that last Monday, April 24th in the indexes. Then you could expect further selling that may last for 2-3 weeks before a new uptrend could even be established, if there even is one.

The oil stocks related to the Gulf of Mexico were very volatile and day trading them (scalping) was excellent. RIG, APC, CAM, ME, and BP were stocks previously discussed that were very volatile today. Tuesday is likely to have volatility as well with a general uptrend.

Stocks are likely going to be giving us short term swing trading (LONG) opportunities for just 1-3 days with intraday scalping being an outstanding scalping environment. Be nimble and mentally flexible.

Scalp of the Day: (all eastern times)

NLC, Nalco had an awesome long scalp from $25.40 to over $29 for a long scalp potential of over 15%. There was an immediate short scalp on this stock after the high for about a 5% scalp on the short side.

These are the kind of trade ideas we will be giving in the Trading Room, which we are in beta testing right now. Put your email address and name on website page to be notified of actual launch date and info.

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

POST COMMENT

What Makes Pearls So Precious and Pricey? Padlocks - Giving You Protection And Peace Of Mind How to Make Funds Fast and Straightforward - Why it Won't Work For You! How To Make Kenya Mutura And Mahu Recipe SC2 Protoss: Origins and Abilities Robert S. Mcnamara, Sonia Sotomayor, And Empathy Las Vegas Financial Planner Mutual Fund Taxes Financial Planning GreenGeeks Pluses and Minuses Saint Augustine Bed And Breakfast Sun Fun And Sea For Speed And Reliability, Choose A Courier Why Your Last Coach Couldn't Coach You and How to Make Sure the Next Coach Can How To Make Kenya Vegetarian And Pork Samosas How to Get Thousands of TV Channels on Your PC… And Never Pay Another Monthly Bill Again