Stock Trading Secrets Pt2
Daily Stock Report for Monday Morning, February 8
, 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.
Calendar Tuesday, 1000am, ET, Wholesale Inventories, 0.6%Wednesday, 830am, Trade Balance, -35.0BWednesday, 1030am ET, Crude Inventories, 2.32MWednesday, 1000am, Treasury Budget, -$60BThursday, 830am ET, Initial Jobless Claims, 454KThursday, 830am ET, Continuing Claims, 4600KThursday, 830am ET, Retail Sales, 0.4%Friday, 955AM ET, Univ. Michigan Sentiment, 74.8
Follow-up notes: TM, Toyota Motors did see its lowest price on Thursday and moved up on Friday from the open. There are a couple of price points to sell, the first being $77 and a longer term time horizon, look for $81-83.
Scalp of the Day: SU, Suncor Energy gave a 3.3% potential profit on the short side and rebounded up 3% in the last 2 hours. Many stocks followed this pattern on Friday.
Swing Trade Ideas: UHAL, Amerco. Look for this as a potential short sale but see if this moves up toward $45-46 before considering a short sale. The company reported a profit which was surprising so it could run for a couple of days.BBBB, Blackboard, consider small long position Thursday. Cancel idea.
Intermediate Trade Ideas:TREX, Trex. Consider small long position.Start watching for a bottom in the next week for a buy entry of a small long position in these stocks: GVA, Granite Construction. ROVI, Rovi Corp.
Aggressive Investors-TradersFair Warning: Bullshorts are an advanced technique that should be studied in The Wizard Training Course before working with this. This is a high risk-high reward strategy that requires an advanced trader-investor with high risk tolerance. Do not make this position a high percentage of your account or one day you will pay.
Focus chart: (Worden Stockfinder chart)
UHAL, Amerco is the U-Haul company that has been plagued by financial problems for years. 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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