Online Trading Pt1
Daily Stock Report for Friday Morning, February 19
, 2010 pt1
Stocks had their third consecutive up day today as some positive manufacturing reports encouraged some buying. The stock market indices took a 0.5% hit after Obama had his daily dose of talking and spend the rest of the day climbing up steadily.
The Dow30 ended up 0.8%, The Nasdaq Composite up 0.7% and the S&P 500 up 0.66% but the stock markets may start correcting tomorrow morning after the Fed announced a hike in the Discount Rate by 0.25% after the market closed. The Discount rate is what the Federal Reserve charges banks to borrow from them and isnt the interest rate to consumers and businesses. This could spook the markets just a little at the open tomorrow as some Foreign investors may not understand the difference.
Selected energy and commodity stocks started correcting today and more likely the next few days.
Tomorrows CPI (Consumer Price Index) is released at 830am ET and could weight on the market if above the expected 0.3%. The PPI released Thursday was 1.4% vs. the 0.8% that was expected. It is conceivable that the Fed had a sneak preview of that number and could have influenced their decision on the timing of the hike in the Discount Rate today. It is likely the market opens down and could accelerate to the downside, giving our short positions profits and giving us excellent day trading opportunities both short and long.
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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