subject: Online Day Trading Newsletter Pt1 [print this page] Daily Stock Report for Friday Morning, February 26, 2010 pt1
Stocks sold off sharply down to a low of 180 points on the Dow at one point as the jobless report continues to disappoint. The low in the first 20 minutes of the regular market opening turned out to be a good buying opportunity, especially for the day traders (intraday scalpers).
The market looks like the backing and filling action with a slight downtrend where stocks have lower lows and rebounds that are slightly lower highs. Since the market has a downward bias, usually selling will prevail, especially when the market has been interpreting economic and earnings news negatively.
But as I have said many times, the stock market is like a 12 year old girl whos emotions change from moment to moment mostly without reason. One day its happy and going up and the next day the sky is falling and our job is to keep a pulse on how the market is reacting to various events from economic news, earnings, Obama, politicians, legislative bills, the Federal Reserve and so on.
You should have received two early mid-day alerts on MOS and AGU for you to consider covering your short position. This wont happen too often but those cover points for your short positions were also good buy entry points for a long position, which good signals usually are. Many of you know we are in beta testing for a Trading Room for real time stock ideas as they occur throughout the day. Quite a few have emailed me requesting they be added to this but it is for our staff of traders.
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
welcome to Insurances.net (https://www.insurances.net)
