subject: Real Time Stock Trading Advice -pt2 [print this page] Daily Stock Report for Wednesday Morning, May 5, 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, 830am, Personal Income, 0.3%
Monday, 830am, Personal Spending, 0.6%
Monday, 1000am, Construction Spending, -0.3%
Monday, 1000am ISM Index, 60.0
Monday, 200pm Truck & Auto Sales, 4.6M, 4.2M
Tuesday, 1000 Factory Orders, -0.2%
Tuesday, 1000am, Pending Home Sales, 5.0%
Wednesday, 815am, ADP Employment Change, 30K
Wednesday, 1000am, ISM Services Index, 56.1
Thursday, 830am, Continuing Claims, 4600K
Thursday, 830am, Initial Claims, 440K
Thursday, 830am, Unemployment Rate, 9.7%
Thursday, 830am, Nonfarm Payrolls, 187K
Thursday, 830am, Avg Workweek, 34 hours
Thursday, 830am Hourly Earnings, 0.1% gain
Friday, 300pm, Consumer Credit, -3.93B
Follow-up notes:
Health care stocks looking very interesting to consider long positions in : AET, WLP, CI.
WLP, Wellpoint Health is still having lower lows but should start moving up shortly after., If not long, this should give us another long swing after this stops dropping.
Internet sector stocks are undergoing heavy selling this week and have broken below support levels.
SOHU, Sohu.com. Consider small long position.
GOOG, Google. Consider small long position.
Focus chart: (Worden Stockfinder chart)
FTBK, Frontier Financial. Forgot to post the updated chart after it dropped to 35 cents. REPEAT: This is the ultimate bullshort where it dropped to 40 cents today on the news that Nasdaq requested additional information. The stock is halted until information is received. This has the same effect as being charged with fraud or accounting irregularities. Although this is rare to be short a bullshort when this happens, this has happened to me several times, the last one being CAF about 5-6 years ago where I was short around $19 and it was halted. Then it opened at $1.50; it then went to pink sheets and it may not be in business now. When this resumes trading, there usually (meaning not always, ok?) is a big spike on short covering and speculative buying and moves the stock up. Trading these stocks on scalping should be for the most aggressive and proficient scalper
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.
