subject: Trading Room -pt2 [print this page] Daily Stock Report for Friday Morning, April 30, 2010 pt2
Summary Opinion
All of the major indexes have surpassed the January highs and has resumed its bull market run that started over a year ago on March 10, 2009. Our current assumption is the bull run should continue to make higher highs after any pullbacks.
Calendar (All Eastern times)
Tuesday, 900am, Case-Shiller 20-city Index, -0.1%
Tuesday, 1000am, Consumer Confidence, 53.7
Wednesday, 1030am, Crude Inventories, 1.89M
Wednesday, 215pm, FOMC Rate Decision, 0.25%
Thursday, 830am, Continuing Claims, 4.625K
Thursday, 830am, Initial Claims, 440K
Thursday, 1000am, Existing Home Sales, 5.30M
Thursday, 1000am, FHFA Home Price Index, -0.2%
Friday, 830am, GDP-Adv., 3.2%
Friday, 830am, Chain Deflator, 0.9%
Follow-up notes:
DNDN, Dendreon received approval for marketing from FDA today on their drug, Provenge. The stock hit a high of $54.58 after it was halted earlier today. This is high volatility stock on Friday for expert scalpers.
WLP, Wellpoint Health hit a high of $59.93 which almost touched the 30 day moving average. This could start correcting so if long, consider reducing or selling long position next day or two.
GOOG, Google did not have the rebound we expected after BIDUs outstanding earnings.
BIDU, Baidu ended up 14% today and not a lot of volatility. This likely will continue to move higher in coming weeks.
PTRY, Pantry zoomed up today 7.3% to higher highs. If you were short, you should set stop on this type of idea where you were probably up already by about 4-5% profit so you set your stop so you dont actually lose money, preferably preserving some of your profits.
Focus chart: (Worden Stockfinder chart)
FTBK, Frontier Financial had a lower low but take a look at all the stock symbols under Aggressive Investors box and see how they all corrected together in the low priced banks that were bullshort charts. This is for your education at this point because none of them have money left in them. As always, it is safer to see these bullshort stocks turn over and go down before shorting. Please study Bullshorts in The Wizard Training Course BEFORE you attempt to use this trading technique.
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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