Stock Newsletter Pt1

Daily Stock Report for Friday Morning, December 18

, 2009 pt1

Stocks ended down today about 1.2% across the board on all indices. The financial stocks took a beating after a variety of bad news in that sector.

Meredith Whitney, a now influential analyst after calling last years (2008) banking crash, downgraded Goldman Sachs, Morgan Stanley (MS) and Citigroups earnings again. Citibank (C) s secondary offering to raise money to payback TARP money was undersubscribed and priced down to $3.15.

The US Dollar moved up to a 3 month high possibly from the optimistic assessment of the economy by the Fed in Wednesdays statements. Gold dropped $29 and this continued the slide. Monitor gold stocks and at some point gold stocks will make an excellent bounce to profit from on swing or intermediate long positions.

Jobless Claims rose slighty on Thursday by 7,000 to 480,000.

Interesting note that the Senate Banking Committee did not unanimously reaffirm Fed Reserve Chairman Bernanke to another term; the vote was 16 to 7.

Other notes for Friday: RIMM, Research in Motion was up 12.2% after market Thursday on surprisingly strong earnings. Friday is quadruple witching expiration day and volatility is usually high.

REPEAT: Oil has been making a nice move and most of the profit potential has been realized so caution if going long oil stocks now.

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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