subject: Stock Trading Newsletters Pt1 [print this page] Daily Stock Report for Thursday Morning, February 17, 2010 pt1
The stock market had a follow-through on the upside today by 40 points on the Dow30. We had mixed forces pulling the market up and down as usual. A couple earnings reports helped lift the market with John Deere (DE) moving up, the US Dollar moved up and the Fed Minutes showed that they will eventually need to reduce the supply of stimulus injected into the financial system.
Energy stocks started correcting today and the other commodity stocks, including our ag-chemical stocks in the stock table below are likely to start dropping tomorrow.
The economic reports showed housing starts were better than expected, up 2.8% in January over December. Mortgage applications fell 2.1% but building permits dropped 4.9%, which could be partially seasonal.
European stocks hit a 2 week high after taking a spanking over the Greece situation.
Hewlett Packard (HPQ) had earnings after the market that beat expectations and was up 2-3% aftermarket. They profit jumped 25% and raised their earnings outlook so this could give us a positive bias to the opening tomorrow.
We are looking for reversals in some commodity stocks like the MOS, IPI, POT and AGU.
Scalp of the Day: FTI, FMC Technologies was a typical scalp with potential profit of 2.4% on long side.
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