subject: Online Day Trading Newsletters Pt1 [print this page] Daily Stock Report for Monday Morning, March 1, 2010 pt1
US stocks had little change as a severe winter storm hit the Northeastern area of the US today and many traders stayed home. Volatility was low and volume was low while stocks ended slightly up on Friday. Monday could see similar trading action as many people will likely remain snowed in their homes.
There has been no catalyst to jump start the market to higher highs, only negative news like Greece, high unemployment and continued housing problems.
Existing home sales fell 7.2% as economists had been expecting a 0.9% increase to a 5.5 mil rate. Consumer sentiment dropped slightly, Chicago Purchasing Managers Index moved up slightly to 62.6.
This weeks big theme with the talking heads is whether we have a double dip recession. Some argued that we have already peaked in unemployment and is improving (which seems premature to say) and others say continued decline in housing prices and sales doesnt matter.
We are going to see a lot of economic data this week and several interest rate meetings in different countries including the European Central Banka and the Bank of England so the market will be watching that closely.
Greece is issuing a bond offering and several countries have committed to buying them, which was the reason for the 5.4% spike in NBG, National Bank of Greece (just after it was stopped out Thursday!). Greece has been a drag on the market and getting this resolved could help give the market a spike.
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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