Online Day Trading Pt1
Daily Stock Report for Thursday Morning, February 25
, 2010 pt1Stocks moved up from the open today and stayed in positive territory all day, closing up most of the losses from yesterday. The Dow30 closed up 0.9%, Nasdaq Composite and the S&P 500 both up 1%.
Federal Reserve Chairman finished his two day testimony today and reiterated that the Fed would likely keep rates low for an extended period of time. But you guys didnt have to watch CNBC for that, you could have just read that here on The Daily Stock Report last night!
As soon as Bernanke reiterated that phrase, the dollar corrected immediately and the stock market spiked higher. It was like the move scene in Trading Places where Eddie Murphy and Dan Akroyd are waiting for the open of the orange juice market. Sell, sell, sell.
The new home sales dropped over 11% in January to 309,000 annualized rate, lower than the 355,000 expected. But any negative housing number is not a surprise to anybody so the market has become immune to those numbers unless they gain momentum on the upside.
The retail stocks moved up nicely and are having higher highs. Stocks like Home Depot (HD)have returned to profitability and the market has been factoring that in for some time now, judging by the look of the stock.
The commodity related stocks continued selling today and out short positions in AGU, and MOS continued to drop. Consider covering those short positions tomorrow (Thursday) at the open.
Mitch King
www.TradeStocksAmerica.com
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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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