Stock Market Newsletter Pt2
Daily Stock Report for Tuesday Morning, February 16
, 2010 pt2
Summary Opinion We are at a critical level that could establish a downtrend if lower lows are made or this could be just a pullback within an uptrend. The odds of a downtrend starting is becoming more likely looking at recent trading action.
Calendar Tuesday, 200pm, ET, Treasury Budget, -$46.0BWednesday, 830am, Building Permits, 615KImport-Export Prices, Mortgage Applications, Wednesday, 830am ET, Housing Starts, 580KWednesday, 1000am, Treasury Budget, -$60BWednesday, 915am ET, Industrial Production, 0.8%Wednesday, 915am ET, Capacity Utilization, 72.6%Wednesday, 200pm ET, FOMC Meeting Minutes Thursday, 830am ET, Continuing Claims, 4500KThursday, 830am ET, PPI, 0.8%Thursday, 1000am ET, Leading Indicators, 0.5%Thursday, 1100am ET, Crude Oil Inventories, 2.42MFriday, 830am ET, CPI, 0.3%
Follow-up notes: TM, Toyota Motors is up 4 days in a row and is acting strong, in spite of more continued negative news. Remember we talked about the peak of negative news and fear was the right time to buy the stock when posted on The Daily Stock Report on February 3rd. Now we see class action suits for wrongful death and injury Friday morning yet the stock still moved up in a mostly down market. People tend to get used to the same negative news
Focus chart: (Worden Stockfinder chart)
UHAL, Amerco is still climbing and shorting this stock is going to be trickier because of the sustained strength of this move. This stock idea should be cancelled. The surprising profit announced on Thursday has driven the stock up but note that Friday the stock did not exceed Thursdays high which is a sign of weak. See if this moves up first before selling short. This is not a bullshort.
Mitch King
www.TradeStocksAmerica.com
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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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