subject: Stock Trading Room Pt2 [print this page] Daily Stock Report for Friday Morning, March 5, 2010 pt2
Summary Opinion
We are at a critical level that could establish a downtrend if lower lows are made or this could be just a pullback within an uptrend. The market has gone through an important short-term resistance level established on February 2nd highs and is approaching the January 19th highs.
Calendar (All Eastern times)
Monday, 1000am, Construction spending , -0.5%
Monday, 1000am, ISM Index, 57.8.
Tuesday, 2000pm, Auto and Truck Sales
Wednesday, 730am, Challenger Job Cuts, -70.4%
Wednesday, 815am, ADP Employment change, -10k
Wednesday, 1000am, ISM Services, 51.0
Wednesday, 1030am Crude Oil Inventories, 3.03M
Wednesday, 200pm, Feds Beige Book
Wednesday, Mortgage applications.
Thursday, 830am, Initial Claims, 475K
Thursday, 830am, Continuing Claims, 4617K
Thursday, 830am, Productivity, 6.2%
Thursday, 1000am, Factory Orders 1.2%, Pending Home Sales 1.7%, Unit Labor Costs -4.4%
Friday, 830am, Unemployment Rate, 9.8%
Friday, 830am, Nonfarm Payrolls, -20k
Friday, 830am, Hourly Earnings, avg, workweek
Friday,300pm, Consumer Credit, -3.8B
Follow-up notes:
TM, Toyota Motors had no follow through on the upside today but no worries about todays drop of 2.3%.
NUVA, Nuvasive did move up slightly today and this pattern is not one anyone should fight by being short.
Focus chart: (Worden Stockfinder chart)
TIVO, Tivo had another favorable court ruling against DISH Network today and the stock closed up 62% today. Normally this would be a good bullshort with this kind of gain but looking at the news of this latest ruling clears the way to receive $300 mil for patent infringement. Intraday trading on this should be excellent tomorrow on Friday. Avoid shorting this potential Bullshort until a clear top has been established and is heading down; day trading scalps could be excellent though. Study this technique in The Wizard Training Course before attempting to use this advanced trading model.
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.
