subject: Online Day Trading Advice -pt1 [print this page] Daily Stock Report for Thursday Morning, April 29, 2010 pt1
The US stock market indexes rebounded today after initial fears of the Portugal downgrade on Tuesday subsided. Spain was downgraded by one notch today but the market didnt care. The Dow30 ended up 53 points of 0.48%, the Nasdaq with little change, the S&P 500 up 0.65% and the Russell 2000 up 0.23%.
The FOMC meeting of Federal Reserve Governors around the country wrapped their two day meeting with a 9 to 1 decision to retain their commitment to holding interest rates to historical lows and they kept the language that has become legendary of keeping interest rates to stay exceptionally low for an extended period of time.
Stocks were positive out of the gate with the premarket futures turning positive before the regular market opening. GS, Goldman Sachs moved up as expected and should continue to move up steadily over the next few days and this trade could easily be treated a longer period of time into weeks.
We had Consumer Confidence numbers today and that increased over expectations but that isnt a heavily weighted. That survey can move all over the place from month to month. Tomorrow (Thursday) we have jobless claims and the market could make this an important number.
If Existing Home Sales and Home Price Index shows improvement tomorrow, we could see more bullishness for the market as this signals continued economic improvement.
BIDU, Baidu was up $88 after the market closed today on blowout earnings. This should help lift some of the tech sector stocks, especially the internet related stocks.
REPEAT from Tuesdays report: The $150 price level of GS, Goldman Sachs, did hold Tuesday morning after opening of the regular market at the low price of the day of $150.13. My best guess is this was probably the bottom of GS for a nice run upward. It is always volatile and emotional at the bottom and top of a stock but the odds are quite good this moves up. We should see the mid $160s in the coming couple of weeks.
Scalp of the Day: (all eastern times)
NMM, Navios Maritime Partners gave an excellent drop and pop and gave a profit potential of 8.7% on the long side.
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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