subject: Stock Market Newsletter Pt1 [print this page] Daily Stock Report for Tuesday Morning, February 16, 2010 pt1
Stocks had a negative bias on Friday with some lingering fear of the Greece situation and other European nations that may follow their path. The Dow30 closed down 0.44%, the S&P 500 up 0.27% and the Nasdaq Composite up 0.28% with some positive news on RIMM, AAPL and MOT Friday.
The Dow30 was down over 100 points at one point on Friday and on the weekend news there is some new news on the Iran situation with Secretary of State Hillary Clinton stating that there is a more increasingly military rule gradually taking place.
We saw some protests last week when the Iran leadership announced they are close to having weapons grade plutonium and this could be a source of fear for the market in coming weeks.
Some early signs of a previously fearful consumer is relaxing a bit with some old habits of spending returning as people either get immune to the bad economy news and the American way of spending addictions start surfacing again.
REPEAT from last report: We still dont have the coast is clear signal yet for the market to move up easily with the overhang of other countries going to need money. It is easy to write off that Greece isnt a big deal but with Spain, Portugal, Ireland and Iceland potentially sticking their hand out for money, this uneasiness within the markets is still likely to remain.
Until then, it is most likely we are going to trade with swing trades and intraday scalps as the primary techniques of making money. Look for the market to have a couple of days of buying like today followed by aggressive selling. The volatility will be high so consider smaller than normal sized positions.
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.
