Online Day Trading Pt2
Daily Stock Report for Thursday Morning, February 25
, 2010 pt2Summary 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. Start gradually peeling off long positions this next few days for short-term investor.
Calendar Tuesday, 900am, ET, Case-Shiller Housing Index, -3.1%Tuesday, 1000am ET, Consumer Confidence, 55.0Wednesday, 1000am ET, New Home Sales, 355KWednesday, 1030am ET, Crude Oil Inventories, 3.08MThursday, 830am ET, Initial Claims, 460KThursday, 830am ET, Continuing Claims, 4570KThursday, 830am ET, Durable Orders, 1.5%Thursday, 1000am ET, FHFA Housing Price Index, 0.7%Friday, 830am ET, GDP, 5.7%Friday, 945am ET, Chicago PMI, 59.0Friday, 955am ET, Univ Michigan Consumer SentimentFriday,1000am ET, Existing Home Sales, 5.5M
Follow-up notes: TM, Toyota Motors stock really started moving at the open today and ended up 39% by the close as the grandson of the founder testified in Congress. REPEAT from previous report: We are looking for this $71 level to be the bottom and not go below the February 4th low. We should see a bounce start soon and eventually to higher highs than the $77 we saw on February 12th. If you are long TM now and it drops below $71, this would be a dangerous sign for potentially further selling that could occur.
Focus chart: (Worden Stockfinder chart)
VHC, Virnetx Holdings. This looks like a slow mover and these often start rebounding when they stall and dont correct. Keep stop loss set at $6 or consider closing it if it doesnt have lower low on Thursday. Target price to cover this short is around $4.60. The way to handle these bullshorts is to open a very small position and add gradually to that as this peaks and starts going down. This is a high risk-high reward technique and should be studied in The Wizard Training Course before attempting this.
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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