subject: Stock Market Newsletters Pt1 [print this page] Daily Stock Report for Wednesday Morning, February 17, 2010 pt1
Stocks took a big jump today and almost exceeded the February 2nd high we were looking for as the next resistance level for the market to deal with. The Dow30 closed up 1.7%, the Nasdaq Composite up 1.4% and the S&P 500 up 1.8% today as the US Dollar dropped, some key earnings reports were strong and the Empire Manufacturing Index jumped from 15.92 in January to 24.91 in February.
Barclays bank (BCS) closed up 13.8% today after reporting earnings that doubled in 2009 and that triggered off the banking and financial sector. The drop in the US Dollar sparked buying in the commodities sector like oil (both large and smaller oil companies), agricultural-chemical (listed in stock table below), and gold.
We saw the Chinese stocks starting to move today and some started moving last week Friday (NTES, SOHU, PTR, BIDU, FXI).
We saw a couple of acquisitions which mergers and acquisitions have been few and far between these past 6 weeks.
This big move in stocks could be the start in the shift in sentiment from fear and depression to a gradual move toward optimism which often leads to speculation, which would take several weeks to get to that level.
One interesting note to remember is the 4th quarter delinquencies in home mortgages crept up in the to a higher rate so housing could see another downturn as subprime mortgages reset to higher rates and foreclosures increase.
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.
