Stock Trading Newsletters -pt2
Daily Stock Report for Thursday Morning, April 22
, 2010 pt2
Summary Opinion
All of the major indexes have surpassed the January highs and has resumed its bull market run that started over a year ago on March 10, 2009. Our current assumption is the bull run should continue to make higher highs after any pullbacks.
Calendar (All Eastern times)
Monday, 1000am, Leading Indicators, 1.0%
Wednesday, 1030am, Crude Oil Inventories, -2.2M
Thursday, 830am, Continuing Claims, 4,600K
Thursday, 830am Initial Claims, 455K
Thursday, 830am, PPI (Producer Price Index), 0.5%
Thursday, 830am, Core PPI, 0.1%
Thursday, 1000am, Existing Home Sales, 5.30M
Thursday, 1000am, FHFA Home Price Index, -0.2%
Friday, 830am Durable Orders, 0.2%
Friday, 830am, Durable Orders w/o Auto sales, 0.6%
Friday, 1000am, New Home Sales, 325K
Follow-up notes:
WLP, Wellpoint Health continued to move down further today after Wednesdays peak of $61.49 and now gave up most of that profit. If you are still long, this should start moving up but if this goes below $58, this could be a problem so consider setting your stop just under $58.
POT, IPI, MON, AGU moved up a little more and sold off. This could result in more selling Thursday and Friday before resuming an uptrend. Just in case, set a stop down near the low of this recent bottom a that occurred on Monday. Normally in this situation, what happens is these pullback a couple of days and then start resuming upward. In a really bullish market, a stock coming out of a V bottom move higher the next day and continue resuming that uptrend. You really dont want to endure a big loss but with these ag-chemical stocks, a 3-5% pullback is reasonable.
BIIB, Biogen had lower low Wednesday and this is when any long position should be stopped out. This originally had a good day up Monday but reversed and headed to lower low. Continue to monitor this for long position.
Focus chart: (Worden Stockfinder chart)
RDCM, Radcom. This corrected beautifully giving a 43% profit potential in 2 trading days. This may continue to go down a little more on Thursday but you want to take the sweet spot of the profit on these bullshorts and not increase your risk by staying short for long periods of time. Please study Bullshorts in The Wizard Training Course BEFORE you attempt to use this trading technique.
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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