subject: Online Stock Trading Pt1 [print this page] Daily Stock Report for Monday Morning, February 21, 2010 pt1
Stocks continued to move up Friday and was up slightly at the close on low volume. The concern about the Feds surprise move in the Discount rate wore off after an hour or so and moved up.
After the Fed clarified that this was not a rate hike but is more of a technical move between banks and the Fed, it may have calmed the markets on Thursday night. After watching the PPI and CPI numbers recently, it is no surprise the Fed is signaling that a rise in interest rates is likely late this year.
The US Dollar rose on Friday and oil has moved back up above $79. Gold is back over $1122 an ounce and the CBOE VIX (Volatility Index) is back down to $20.
CPI (Consumer Price Index) was lower than expected and a pleasant surprise to the market.
The market is surprisingly strong exceeding the Feb. 2nd high and making higher highs in 6 out of last 8 days. After moving through the Feb. 2nd high, the next area to watch is the 10,729 level on the Dow30, another 327 points higher. It is likely we see some selling before that but if the Dow30 goes above that January 19th high and make higher highs, the market could continue to accelerate.
We do hear earnings this week from retailers like Home Depot, Lowes, Nordstroms, Sears, Gap, Macys and Target this week. Fed Chairman Bernanke testifies on Wednesday and Thursday as well.
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)
