Stock Picks-pt1

Daily Stock Report for Wednesday Morning, March 24

, 2010 pt1

Stocks moved up strongly today with very little selling except for the first 30 minutes. It could be caused by the housing sales dropped less than expected and home prices continued to edge downward. It also could be caused by the health care reform passing last Sunday removing any uncertainty.

The Dow30 closed up 0.95%, Nasdaq Composite up 0.83%, the S&P 500 up 0.72% and Russell 2000 closed up 1.08% with a higher high on all indexes.

The pattern of trading recently has been stocks are slightly down in the morning and strong in the afternoon. These types of patterns usually last a matter of days.

Interesting to observe that many analysts came out and upgraded many stocks in the last two days, perhaps trying to raise the first quarters performance numbers on their own institutions performance. This strategy usually has a negative consequence some months down the road.

Googles (GOOG) story got even more heated today as the Chinese government responded today by declaring that Google violated commitments it made to abide by Chinas censorship rules in 2006. By going to Hong Kong and circumventing the mainland Chinas rules, it is viewed by the Chinese as defiant. Now all eyes are on Chinas actions it may take to increase censorship in Hong Kong where it has been mostly hands off. This is what has been gyrating Googles stock.

Scalp of the Day:

X, US Steel gave a good drop and pop to a low of $49.75 to a high of about $51.25 for over 2% profit potential. It was fairly quiet on scalping today.

*These are the kind of trade ideas we will be giving in the Trading Room, which we are in beta testing right now.

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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