subject: Short Term Investing Pt1 [print this page] Daily Stock Report for Monday Morning, December 21, 2009 pt1
The Dow30 was up 0.2% on Friday but the big story was the Nasdaq Composite moving up over 1.4% as technology stocks moved up on the RIMM, Research in Motion stock moving up on surprisingly strong earnings. The S&P 500 ended up 0.6%.
The Nasdaq Composite looks poised to make higher highs and this would be an important pattern to make note of if or when the Nasdaq moves higher. The Nasdaq has been stronger than the other stock market indices earlier this year and appears to be taking the lead again.
The record trading volume on Friday doesnt mean too much as far as telling us anything from that fact. No new trends were established on the quadruple witching expiration Friday. Stocks in various indices like the S&P 500 were rebalanced as some stocks were added and others deleted from the index.
The US Dollar has a good chance to move up on at least a technical snapback rally after such an extended and deep drop. Remember stocks tend to drop when the US Dollar increases.
Gold stocks look like they may be trying to have that rally we were looking for in our attempt to profit from on a swing trade long. We were long on a handful of gold stocks early last week and the week before as some of the more nimble traders profited in a 2 or 3 day trade.
In the next 1-2 weeks you could approach stocks to trade for small profits of 5-10% as we may not clearly see an established trend until early January.
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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