Day Trader Pt1
Daily Stock Report for Wednesday Morning, March 10
, 2010 pt1
US stocks were up most of the day until the last 90 minutes where stocks sold off into the negative but closed slightly positive today (Tuesday). The sentiment is bullish at the moment with the press making a bigger deal out of the 1 year anniversary of the bull run that started last March 10th.
Since then we have see the Dow up 59%, Nasdaq Composite up 80% and the S&P 500 up 67%. We still have a mixed group of opinions among the talking heads with more and more sounding bullish, which is often a forewarning that financial markets are ready to turn over when ALL analysts are bullish.
Thats because the investors would be almost fully invested in the market and there wouldnt be much new money left to buy so the sellers would end up taking over control. But we are a long ways away from that extreme although we can get some pockets of mildly overbought and oversold (which we just came from oversold condition the last few weeks).
Interesting trading action today in financials that the US Government bailed out. Citigroup (C) was up 7.3%, AIG (AIG) up 12.6%, Fannie Mae (FNM) up 5.9% and Freddie Mac (FRE) up 5% today after speculation that the government may be planning to restrict short sales on the companies they have bailed out. Lets be real here, you cant borrow shares of these stocks easily anyhow, I tried to today when AIG was over $34. You can only buy and sell long the stock. By the way, for you day traders, these stocks are really good for scalps the next day or two.
Interesting development that some airlines have said that business travel is picking up, which adds to some excitement to the idea the economy might be picking back up.
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.
by: Mitch King
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