Stock Trading Strategies -pt2
Daily Stock Report for Wednesday Morning, April 8, 2010 pt2
Summary Opinion
All of the major indexes have surpassed the January highs and has resumed its bull market run that started over a year ago on March 10, 2009. Our current assumption is the bull run should continue to make higher highs after any pullbacks.
Calendar (All Eastern times)
Monday, 1000am, ISM Services, 53.6
Monday, 1000am, Pending Home Sales, -1.0%
Tuesday, 2000am, Minutes of FOMC Meeting
Wednesday, 1030am, Crude Oil Inventories, 2.93M
Wednesday, 300pm, Consumer Credit, $1.6B
Thursday, 830am, Continuing Claims, 4,600K
Thursday, 830am Initial Claims, 440K
Friday, 1000am, Wholesale Inventories, 0.1%
Follow-up notes:
RIG, TransOcean and other oil companies are starting to turn over today. Oil stocks turning over: DO, SU, NE, EOG, CLR, and many other smaller independent oil stocks.
HOS, Hornbeck Offshore moved up another 5.8% on Monday and if still long, watch closely and consider selling next 1-2 days.
RHT, Red Hat had another up day today for 4 consecutive days. If still long, watch closely and consider closing next 1-2 days.
Focus chart: (Worden Stockfinder chart)
DCTH, Delcath Systems is not making much headway on the correction. Although this could continue to correct, it is prudent to stand aside of this bullshort until the FDA Phase III trial data is released. This may go down but it is dangerous having this stock short with that sort of news hanging over your head (sludge hammer) plus Strongly consider closing this short and stand on sidelines until we get a better pattern on this bullshort.
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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