subject: High Probability Stock Picks Pt2 [print this page] Daily Stock Report for Monday Morning, March 22, 2010 pt2
Summary Opinion
The Russell 2000 (small caps) and Nasdaq Composite (Techs) have exceed the January 2010 highs, establishing this as a bull market that is resuming after a pullback. When the Dow30 and S&P 500 exceed the January 2010 highs, stocks should move higher.
Calendar (All Eastern times)
Tuesday, 1000am, Existing Home Sales, 5.0M
Tuesday, 1000am, FHFA Home Price Index, -0.9%
Wednesday, 830am, Durable Orders, 0.5%
Wednesday, 1000am, New Home Sales, 315K
Wednesday, 1030am, Crude Oil Inventories, 1.01M
Thursday, 830am, Continuing Claims, 4,560K
Thursday, 830am Initial Claims, 450K
Thursday 830am Continuing Claims, 4500K
Friday, 8300am, GDP, 5.9%
Friday, 955am, Univ. of Michigan Consumer Sentiment Index, 73.0
Follow-up notes:
TM, Toyota Motors. Just when the stock has been recovering, news that various class action lawsuits against Toyota hit the newswire today. This will likely cause a pullback in the stock but should recover in the next two weeks.
Focus chart: (Worden Stockfinder chart)
CNAM, China Armco Metals. This is being shown to give you a typical bullshort pattern that, in this case, jumps from $5 to $11, corrects back to $7 and now it is starting to rebound and that might happen for 2-3 days, then often heads down to lower lows. This isnt a tradable stock idea on the long side now. The short on the first high is the most profitable. It is the toughest to time but a good bullshort will have a lot of profit potential so you dont have to short early. You can wait until it starts to turn over and then short it.
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.
