Day Trading -pt1
Daily Stock Report for Monday Morning, March 29
, 2010 pt1US stocks were up and doing well until the news of a South Korean military ship was damaged and started sinking near the border of South and North Korea. Assumptions that the North Korean had something to do with it started causing the market to sell off into negative territory but closed at almost no change for the indexes.
People sell first and ask questions later but there wasnt enough time to determine if the North Koreans were involved. The bias is still bullish even the market has not substantially closed up in the last 5 trading days.
The European Central Bank president Jean-Claude Tricket said he found the latest plan made between the European Union (EU) and the International Monetary Fund (IMF) workable. That started the day off to a strong start until the Korean news.
Apple Computer (AAPL) hit an all time high after being upgraded by an analyst at Credit Suisse with a new target price target of $300, citing 2nd quarter sales is seeing a stronger second quarter than expected.
Tech stocks have been strong this last month and momentum continues to build in this sector with the large caps like MSFT, ORCL, IBM, AAPL, and HPQ.
Remember we have window dressing this week as mutual fund managers tend to buy stocks to pump up their performance figures. Since the whole industry does that, the cumulative effect is stocks tend to go up. So our long positions should benefit from that this week.
Scalp of the Day:
Two interesting scalps Friday:
SLM, Student Loan Mortgage ran up on a rumor and peaked at $13.32 at 10:51am ET and corrected to $12.47 for a potential profit for a short sale of 6.9%. UPL was a drop and big pop for a potential profit on the LONG side of 2.3%.
*These are the kind of trade ideas we will be giving in the Trading Room, which we are in beta testing right now. Put your email address and name on website page to be notified.
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.
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