Online Stock Trading Newsletters Pt2
Daily Stock Report for Wednesday Morning, February 24
, 2010 pt2
Summary 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: NBG, National Bank of Greece pulled back 3% after gaining 5.6% yesterday. This is a longer term hold but consider a stop loss of $3.50 that automatically sells if the stock hits $3.50 and lower. TM, Toyota Motors dropped another 1.9% today to a low of $71.24 after the USA Toyota president testified in front of a Congressional committee today. 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. Monday was the right day to get the highest price to short on this baby bullshort. This opened up a little and peaked at $5.78, which is buying from what I call the last suckers hoping this continues moving up, followed by a sharp sell off to a low of $5.12 This is exactly the typical behavior of a bullshort. Its best to fill your short position early like this morning just after the opening and not try to chase it down very far when they free fall like this. You want to wait for a rebound to fill your short position and just hold it, usually for a couple of days. 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.
by: Mitch King
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