subject: Profitable Trading Strategies Pt1 [print this page] Daily Stock Report for Thursday Morning, March 18, 2010 pt1
US stocks were up for the 7th day in a row today with a steady and consistent gain in all indexes that we watch. The Dow30 and Nasdaq Composite were up about the same at 0.45%, with the S&P 500 up 0.58% today (Wednesday). All the indexes stayed up from the open all day. The Feds statement yesterday that cleared the way for more upside movement along with the Greece situation looking better should continue to pave the way for a gradual uptrend at least on a short term basis.
The Producer Price Index (PPI) fell 0.6% last month, the biggest decline in seven months and this indicates what inflation, in general is doing. This also helped move the market up as well. The CPI, Consumer Price Index is announced tomorrow and is expected to be consistent with PPI.
Other bullish news is some more financials are repaying their tarp loan borrowed from the US Government. That moved insurance company HIG, Hartford up almost 5% today and CIT Group, CIT 4.44%. Oil moved up around $83 even though crude oil inventory rose. So the stock market is strong and bullish at the moment.
Several indicators that show some strength in the markets is the Transports, banking and health stocks are all moving up. We are breaking out on the upside with small caps as shown on the Russell 2000 Index (RUT-X on Telechart daily charting). The Dow30 hasnt broken above the January high yet and is the last index to do so.
The VIX, CBOE Volatility Index is now below $17 today.
Scalp of the Day:
CYH, Community Health gave an obvious bottom with plenty of warning (3 hours enough?) and bounced about 3% from that $37 level at around 1235pm eastern.
*This is the kind of trade ideas we will be giving in the Trading Room, which we are in beta testing right now.
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.
