Stock Trading Techniques -pt1
Daily Stock Report for Thursday Morning, April 15, 2010 pt1
Another big move up today for US stocks with the 5th consecutive up day. The Dow30 closed up almost 1% for the day or 104 points, the Nasdaq Composite was up 1.58%, the S&P 500 up 1.1% and the Russell 200 was up a whopping 2.2% for the day on Wednesday.
These are very rare numbers to see gains like this in an index with already an extended uptrend and not a recovery from a steep sell-off like we saw in late 2008.
Greenspan spoke today and even our President who, in the past, has consistently caused slight selling in the stock market but investors and managers have become immune to Obama’s frequent speeches and this has not caused selling in recent weeks.
China announced that their growth surged to 11.9% in the first quarter but inflation was lower than expected so that helped support stocks. The Fed survey stated that “recovering is spreading but jobs still weak.”
Another headline today: Companies start hiring again as profits improve.” These tidbits of news regarding the economy will slowly bring some skeptics off the sidelines and into the market.
We also had positive earnings by Intel, INTC after the market yesterday and JP Morgan Chase, JPM, beat forecasted earnings estimates before the market and this lit the financial sector nicely today.
United Parcel Service, UPS reported earnings after the bell and knocked the cover off the ball. Another pulse of positive news for the economy. The implication is more shipping means more ordering which points to recovering economy.
Scalp of the Day:
LULU, LuluLemon.com gave about a 2.7% long scalp which is a bread and butter trade for a long scalp.
*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 of actual launch date and info.
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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