subject: Day Trader Pt2 [print this page] Daily Stock Report for Wednesday Morning, March 10, 2010 pt2
Summary Opinion
The Russell 2000 (small caps) and Nasdaq Composite (Techs) have exceed the January 2010 highs, establishing this as a bull market that is resuming after a pullback. When the Dow30 and S&P 500 exceed the January 2010 highs, stocks should move higher.
Calendar (All Eastern times)
Tuesday, 830am, Continuing Claims, 4495K
Tuesday, 830am, Initial Claims, 460K
Tuesday, 930am, Trade Balance, -$41B
Wednesday, 830am, Retail Sales, 0.2%
Wednesday, 955am, Univ. Michigan Sentiment, 73.8
Wednesday, 1000am, Business Inventories, 0.2%
Thursday, 830am, Continuing Claims, 4500K
Thursday, 830am Initial Claims, 460K
Friday, 830am, Retail Sales, -0.2%
Friday, 955am, Univ Michigan Sentiment, 74.0
Friday, 1000am, Business Inventories, 0.1%
Follow-up notes:
CNAM, China Armco Metals, a recent ipo, is correcting now like a typical bullshort. We are approaching this as just a few days on the short side and it probably gets under $8 to cover the short.
TNH, Terra Nitrogen peaked at $94.27 and turned over to $90 in the first hour. The general approach is to not give up much of the profits gained. When the stock went below yesterdays close, that is a good point to sell and capture profits gained from any stock. As stated on the video for this mornings report, you want to capture profits after big gains were made on stocks like TNH, ENER, and HTCH.
TM, Toyota Motors had more bad news on headlines as a 2008 Prius had an uncontrolled acceleration on a California freeway today and reached the headlines tonight. This will likely cause a temporary spike down in the stock price.
Focus chart: (Worden Stockfinder chart)
TIVO, Tivo dropped more today down under $16 after reporting earnings that were lower than expected. It is starting to act like a normal bullshort so people may be less bullish on this and start to question why they still hold it. When selling starts after a big runup like this one had, it can accelerate to the downside. The intraday long scalps will become less and less profit potential although today had a real obvious drop and pop early in the session. This was a $1 profit potential, which was over 6% that was possible from $16.50 to $17.50.
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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