subject: Online Day Trading Newsletters -pt2 [print this page] Daily Stock Report for Tuesday Morning, April 27, 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:
ALNY, Alnylam Pharmaceuticals. Careful with this, stop at $16.70.
WLP, Wellpoint Health position was stopped at $58 which was the purchase price. This dropped in sympathy of the HUM, Human earnings and statements. Look to watch for another buy entry point in the next 1-2 days. This was mishandled and was there for the taking above $61 in a 2-3 day swing.
POT, IPI, AGU. These should start moving up except MON is negative looking chart. Avoid MON.
BIIB, Biogen still doesnt act well yet, the volume has dropped off and the stock is meandering sideways and downwards. Wait a little longer to see if it makes new lows. It was preferable we saw increasing volume and continued parabolic drops further to flush out the sellers before we jumped in on the long side.
GOOG, Google should have decent support around this $525 area.
TACT, Transact Technologies. If long, consider closing Tuesday. Too low of volume and too wide of spread between bid and ask.
Focus chart: (Worden Stockfinder chart)
DEAR, Dearborn Bankcorp. This is a developing bullshort as is many small cap banking stocks. The lower priced bullshorts are the most dangerous and should be given more time before opening short. As always, it is safer to see this 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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