Online Stock Trading Newsletters Pt1
Daily Stock Report for Wednesday Morning, February 24
, 2010 pt1The stock market had its biggest drop in three weeks that probably was rattled by the Consumer Confidence numbers that came out today. Expectations was a reading of 55 and came out at 46.
It should not have been a surprise but stock markets dont need a good reason to do anything. Federal Reserve Chairman Bernanke is giving his semi-annual economic report to Congress starting Wednesday and Thursday and will be under a lot of pressure to perform and lower the unemployment rate.
The overriding language that the Fed has been using is holding key interest rates to a record low near zero for an extended period. The biggest challenge and unpopular decision is the time when the Fed has to raise rates and tighten credit for consumers even while the unemployment rate (currently 9.7%) is still high.
The US Dollar is still on an uptrend which has surprisingly not affected the stock market as much as previous months. The increasing dollar helps our short positions with commodity related stocks including oil and the ag-chemical stocks (MOS and AGU) that are currently short in the stock table.
The retailers earnings report were stronger than expected including Home Depot, Lowes, Macys and Target. Obama is scheduled to talk at a business roundtable and we should see the Toyota Motors hearing continue on Wednesday.
It is still unclear whether we are in a pullback within a bull market or whether we have started a downtrend. My hunch is we have started a downtrend that may last for another 4-6 weeks but if we go higher than the January 21st high, then the bull would resume.
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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