Top Traders Pt1
Daily Stock Report for Tuesday Morning, March 16
, 2010 pt1Stocks had little change today by the closing. The Dow30 was down most of the day and stocks had buying in the last hour or so to turn in a 0.16% gain for the day. The Nasdaq corrected 0.23% as tech stocks turned down after a strong run in the last two weeks. The S&P 500 ended with little change.
The Federal Reserve will make an announcement tomorrow at 215pm regarding the monetary policy which is likely to keep interest rates the same but the language is what the market will be looking for that comforting words of interest rates likely to remain very low for an extended period of time.
If any change or deviation from what has become the Fed mantra for over 12 months the market will react negatively. But we dont see any of that in the cards for tomorrow.
A Citigroup analyst raised the rating of WMT, Walmart and the stock reacted by moving up 2.8% for the day, which is a large move for that stock. This indicates investors are wanting to believe in good news about the state of the consumers (I Wanna Believe must be a song).
The European community said it is ready to propose a bailout on Greece but as usual, the French are reluctant to commit.
The economic data today was not far from expectations but with a slight negative on builder sentiment and foreclosures. (Gomer Pile Surprise Index: Low).
Credit card delinquencies have dropped slightly as reported by the big issuers like Capital One and Bank of America. So the despair and depression index could be improving.
Scalp of the Day: FUN, Cedar Fair ran up on a rumor of Apollo increasing their bid for them. We picked this up at $11.58 and got a head fake just below $12 so we sold. Then it zoomed to $12.50. It had some selling but not as much as normal because it does have an offer already by Apollo. Potential profit long was 7.9%.
AIG, gave an excellent short scalp late in the day at 242pm eastern. This peaked at $36.37 and closed at $34.32 for a potential profit of 5.9%.
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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