subject: Stock Market Newsletters -pt2 [print this page] Daily Stock Report for Tuesday Morning, April 20, 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:
BIIB, Biogen-Idec is looking very good for a long entry point now with Monday looking like right day to buy long. We should have a carryover on the downside on the market making BIIB an excellent long candidate as well as WLP below.
WLP, Wellpoint Health had that climactic bottom Thursday with higher and higher volume (look on the daily chart) and Friday the stock start moving up. This stock is too late to buy now, the train left the station this morning at the open.
MOS, Mosaic hit that low of $51.90 in that climactic way we were looking for with increasing volume and a quick free falling drop.
IPI, Intreped Potash is another ag-chemical stock like MOS, AGU, MON and POT. Note how MON is already moving but IPI, AGU and POT are better chart patterns than MON. Consider buying a small long position in any one or more of these ag-chemical companies AGU, IPI, POT or MOS. (MON is not a good idea now).
Focus chart: (Worden Stockfinder chart)
RDCM, Radcom. This is developing into a nice bullshort chart that should be ready to start gradually opening a very small short position Tuesday but it is best to wait for these to peak and turn over before opening a short. Whatever you do, dont open a big position on these, stay with small short positions. 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.
