Online Day Trading -pt1
Daily Stock Report for Friday Morning, April 23
, 2010 pt1
US stocks proved their strength again as stocks opened down Thursday morning and climbed their way back into the plus column toward the close. The Dow30 closed up slightly but the Nasdaq closed up 0.58%, S&P-500 up 0.23% and the Russell 2000 up 1.12% for the day for an impressive recovery after a potentially negative opening.
The theme continues to be buy on the dip as investors are not near as sensitive to bad news recently as the bull run continues in the last two months. This is clearly the time to be long stocks and that was clear as many stocks powered up through the negative opening and made even higher highs as the indexes recovered from the opening.
First it was the Fitch comments about Japans creditworthiness at risk but then the existing home sales came up showing a rise of 6.8% and the supply of homes on the market fell to a low for the last 8 months supply from an 8.5 months. Home builder stocks moved along with some retail stocks.
PPI, Producer Price Index moved up to 0.7% which indicates inflationary pressures.
We have had 9 out of the last ten trading days positive and the trend is still steadily up with no negative indicators yet. The trend is up so expect that stocks stay bullish and it would take much more serious consecutive days of selling to upset the current trend. And even then, there is likely to be a strong buying binge on the first drop.
By the way, I wanted to make sure you know not to wait for us to suggest when to sell something you are making money on from the Daily Stock Report. Stocks like GS, WLP, all the ag-chemical stocks like MOS, MON, POT IPI and AGU all had nice gains but go ahead and capture your profits and sell when you see them turn down.
Scalp of the Day: (all eastern times)
ARM, Arvinmeritor. This gave an excellent drop and pop with a potential profit of 3.4% for a long scalp.
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.
by: Mitch King
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