subject: Online Day Trading Newsletters -pt1 [print this page] Daily Stock Report for Tuesday Morning, April 27, 2010 pt1
The 5 day consecutive uptrend in US stocks came to an end today with the Dow30 closing at virtually no change while the Nasdaq Composite was down 0.28%, the S&P 500 down 0.43% and the Russell 2000 down 0.42%.
Stocks may have a soft pullback that is likely going to be shallow as the buy on the dip pattern should still be in full effect. So far we havent had any signals to suggest the market has peaked yet but be diligent in being aware of the trends. Stocks dont go up so much on a consecutive weekly gain without some leveling or corrective action.
What is most likely going to be the trigger point for a change in trend is a substantial negative economic overtone. Some report that would suggest rising inflation and that would result in higher interest rates.
GS, Goldman Sachs is dropping on the testimony that it is scheduled for Senate hearings this week. Goldman is undergoing intense damage control on the public image as attacks against them and their alleged practices may threaten their business. This drop today is no surprise but remember that stocks should be purchased when doubt and fear is abundant.
The $150 price level is likely going to hold and todays 3.6% drop is mostly due to the nervousness around the hearings starting Tuesday. Now that the stock has corrected back down to near a support level, we are likely to see this bounce, especially if the hearings show the weakness of the SECs case.
REPEAT: It is widely accepted that the business cycle that we are in now, which is an early phase of a recovering economy, is the most conducive to a powerful bond and stock market movement upward. And as the economy continues into the next phase, bonds tend to have lower returns and stocks tend still move up but not as fast of a rate as the previous cycle (the one we are in now).
Scalp of the Day: (all eastern times)
MAN, Manpower had a nice drop and pop giving a 1.6% potential profit on the long side today.
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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