subject: Stock Analysis -pt1 [print this page] Daily Stock Report for Tuesday Morning, April 7, 2010 pt1
US stocks did well today, better than the Dow30 closing price indicates. The upward momentum is starting to build after positive economic data and this could continue for several weeks with shallow pullbacks.
The Dow30 was up 0.43%, the Nasdaq Composite up 1.12%, S&P 500 up 0.8% and the Russell 2000 was up 2% today! We are fortunate to have profitable long positions in the stock table below and being LONG should be your primary holdings with very small short positions if any.
Oil stocks were hot again today and this rise we have seen in the last 3-4 days could continue but at a slower rise. Oil spiked to $87 today and is at the 18 month high. This is probably moving up sharply as the economic signs of recovery are becoming more clear.
ISM Services Index jumped to 55.4 today from the 53.6 expected. This is the third straight monthly gain and the fastest rate of growth in 4 years.
Pending Home sales rose 8.2% for February which was expected to be a drop of -1.0%. Todays data adds to last weeks encouraging economic data and this could really add to the momentum in the stock market.
The Federal Reserve minutes from the last FOMC meeting is being released tomorrow afternoon and it could cause a little selling if any discussion was made about raising interest rates or tightening monetary policy, which is unlikely. The discount rate could be changed but that isnt what consumers and business pay for interest rates.
REPEAT from last report: On the short term horizon, we have a lot of data that has given positive news last week and this likely moves our markets up steadily. We have a light schedule in economic data this week and the important high priority news was released last week that should move stocks upward and benefit your long positions.
Scalp of the Day:
LYV, Live Nation was a short scalp that gave a potential profit of 3.4%.
*These are the kind of trade ideas we will be giving in the Trading Room, which we are in beta testing right now. Put your email address and name on website page to be notified.
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.
