Online Day Trading Newsletter -pt1
Daily Stock Report for Monday Morning, April 26
, 2010 pt1The US stock markets ended up again on Friday for the five out of five days this last week and an 8th straight week of gains. The net gain for the Dow30 this week was 1.68%, 0.63% coming from Fridays session. The Nasdaq Composite closed up 1.97% for the week and 0.44% on Friday; the S&P 500 was up 2.11% for the week and 0.71% on Friday but as usual, the Russell 2000 was the biggest gainer for the week of 3.82% and 1.04% of that came from Friday.
What is most impressive with this market now is the power of the buying that occurs on the dips that, in past months, could have caused substantial selling. News on Greece, and potentially Portugal, Spain, Italy and so on all re-surfaced this week with negative comments from Fitch on Japans creditworthiness; the Goldman Sachs news; Obamas plan to reform the financial industry; audit of banks accounting, and mixed earnings reports are all negative news but this market continues to climb on the theme that the economy is recovering.
It is widely accepted that the business cycle that we are in now, which is an early phase of a recovering economy, is the most conducive to a powerful bond and stock market movement upward. And as the economy continues into the next phase, bonds tend to have lower returns and stocks tend still move up but not as fast of a rate as the previous cycle (the one we are in now).
We are still seeing skepticism and doubt about the markets rise having risen too much too fast. There were two analysts or market strategists on CNBC Friday who were saying valuations are ahead of themselves and we need to continue to hear that for a healthy uptrend to continue.
Homebuilders moved up nicely on Friday with LEN, PHM, BZH, DHI and WY (Weyerhauser) as home sales improved substantially this week as this general uptrend could continue.
Scalp of the Day: (all eastern times)
MRK, Merck gave a short with 2.3% potential profit followed by a long scalp that had over a 3% profit potential.
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 of actual launch date and info.
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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