subject: Stock Trading Strategies Pt2 [print this page] Daily Stock Report for Wednesday Morning, February 10 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 odds of a downtrend starting is becoming more likely looking at last two trading sessions.
Calendar Tuesday, 1000am, ET, Wholesale Inventories, 0.6%Wednesday, 830am, Trade Balance, -35.0BWednesday, 1030am ET, Crude Inventories, 2.32MWednesday, 1000am, Treasury Budget, -$60BThursday, 830am ET, Initial Jobless Claims, 454KThursday, 830am ET, Continuing Claims, 4600KThursday, 830am ET, Retail Sales, 0.4%Friday, 955AM ET, Univ. Michigan Sentiment, 74.8
Follow-up notes: TM, Toyota Motors is making higher highs and moved to a high of $75.54. This should get a lot more buying over the coming weeks as this is a longer term hold compared to our swing trades.
Focus chart: (Worden Stockfinder chart)
UHAL, Amerco moved up another 5.5%. Continue to watch this for a peak in price, possibly as high as $49-50 before considering any short position. It is best to let this start going down before opening a short position. REPEAT: This is the U-Haul company that has been plagued by financial problems for years. The surprising profit announced on Thursday has driven the stock up but note that Friday the stock did not exceed Thursdays high which is a sign of weak. See if this moves up first before selling short. This is not a bullshort.
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