Stock Charts Pt2

Daily Stock Report for Tuesday Morning, November 24

, 2009 pt2

Summary Opinion As stocks move higher or start to turn over, reduce risk by gradually selling stocks as they move up. Raise more cash, hold stocks long that are still going up and for aggressive investors, consider selected short positions.

Calendar Monday, 830am ET, Existing Home sales.Tuesday, Gross Domestic Product (GDP), 2.9%Wednesday, Weekly mortgage applications Weekly jobless claims, Univ Michigan Consumer Sentiment, New Home Sales, Crude Oil Inventories Thursday, 830am ET, Initial Jobless Claims, 504kThursday, 830am ET, Continuing Claims, 5.70M

Follow-up: NLST, Netlist. See notes below and video review.

Focus chart: NLST, NetList corrected at the open and that usually signals this is heading down for the day. It did give excellent scalping and the first bounce of the day gave one of the best opportunities to short above $7. Then a nice long scalp of 12.3% profit potential occurred after bigger drop. We should see another excellent long bounce tomorrow and if this moves up tomorrow early, this should be another good opportunity to short, more likely between $6.60 and $7.00. A typical pattern a bullshort stock at this phase is that the stock fizzles out without reaching todays high of $7.30 If your brokerage firm allows you to short against the box, meaning that you can have a long and short position in this stock at the same time, this would be an outstanding way to handle this stock for advanced traders. If you can borrow the shares and your brokerage firm allows to be long and short, you can profit when the stock goes up or down by managing your long position only. (Advanced traders). First target price to cover is $4.50 but could go lower if this is held for weeks.

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

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