subject: Trading Room -pt1 [print this page] Daily Stock Report for Friday Morning, April 30, 2010 pt1
The US stock market indexes continued to rebound sharply today (Thursday) and are approaching the highs made last week. The Dow30 was up 1.1% or 122 points, the Nadsaq Composite was very strong today with a 1.63% rebound, the S&P 500 up 1.3% and the Russell 2000 had a big day by closing up 2.1% for the day.
All indexes look ready to surpass the previous highs and continue this bull market. As time continues to move by with an uptrending stock market as we have had for almost 3 months straight now, the next correction will be harder and harder to handle the roller coaster ride as volatility on the downside will get bigger and bigger as stocks reach higher levels.
The buy on the dip strategy is still in full effect with no threat to that UNTIL we see deeper and longer corrections in which a rebound has a harder time retracing toward the previous highs.
All cylinders are firing with the economic data, earnings, trading action and still plenty of skepticism left on the sidelines to keep all cash from being invested.
The Wall Street Journal is reporting on their online edition tonight that the Justice Department is looking into whether Goldman Sachs, GS, has engaged in any criminal violations regarding trading. This will likely drop the stock tomorrow in premarket hours as well as all day. Any profits you have made in the last three days is going to be partially erased. Up until now, this has been a civil case where penalties will be paid but a criminal case can result in someone or multiple people facing jail time.
It isnt clear what triggered the case to turn criminal but it could be a continuation or elevation of the showboating of the SEC but not likely. They wouldnt showboat using a criminal charge, usually only a civil charge.
Scalp of the Day: (all eastern times)
IMAX, IMAX Corp had a 2 point drop (10%) and a 1 point bounce for a potential profit of over 5% on the long side this morning. There were many good long positions
These are the kind of trade ideas we will be giving in the Trading Room, which we are in beta testing right now. Put your email address and name on website page to be notified of actual launch date and info.
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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