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Stock Trading -pt1

By:   |   Jul 08, 2018   |   Views: 16   |   Comments: 0
Daily Stock Report for Friday Morning, March 26, 2010 pt1

US stocks were up sharply most of the day with the Dow30 up as high as +114 points until selling in the last two hours sold off all the gains at the close. The European Central Bank President Trichet was saying on French TV that Greece having to go to the IMF (Int'l Monetary Fund) is "a very, very bad" thing and the European Union isn't doing enough.

So the dollar went soaring against the euro and commodities fell, bringing down material and energy stocks with it.

So this little repeat version about the Greece situation was enough to spook the market, delivering a no change for the indexes. But repeated news of the same issue usually has less effect and shorter duration of negative consequences.

Banks were the strongest sector today as Fed Chairman Bernanke explained the central bank is preparing to gradually remove the extraordinary measures used as the economic expansion "matures" he explained to the House financial services committee in a hearing today. The comments about the economic expansion and "matures" indicated that he sees the economy starting to recovery.

We should also get the end of the quarter buying pressure among mutual fund managers this next week as they put more cash to work to pump up their performance figures (seems wrong doesn't it).

Continuing claims for unemployment benefits increased more than expected yet new initial claims were lower than expected. This data had little influence on the market.

Consider adding new and more long positions Friday (probably best at the open).

Scalp of the Day:
TSO, Tesoro was a buyout rumor (explained in Wizard Training Course) and peaked just below $15 and came back down within 30 minutes to $14.34 for a potential profit of 4.6% on the short.

*These are the kind of trade ideas we will be giving in the Trading Room, which we are in beta testing right now. Put your email address and name on website page to be notified.

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.

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