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Day Trading Pt1
Daily Stock Report for Thursday Morning, December 17
, 2009 pt1Stocks ended with little change today at the close, even as the Federal Reserve used the language of desiring to keep interest rates low for an extended period of time.
There werent any other surprising statements from the Fed so the coast is clear on interest rates for a while even if we get an occasional spike in wholesale inflation as we saw 2 days ago (PPI).
The Consumer Price Index (CPI) was substantially lower and was in line with the 0.4% expectation for the month of November.
Jobless Claims and leading indicators are important economic data for Thursday.
Oil has been making a nice move and most of the profit potential has been realized so caution if going long oil stocks now.
Summary Opinion The dip in which we were prepared to increase exposure to long positions basically didnt happen and stocks continued to move higher. The environment is positive for stocks to continue to creep up over the short term, especially small caps, although be aware that upward movement in stocks has slowed considerably. Hold longs for now and be very selective on what you are shorting.
Calendar Tuesday, 830am ET, PPI (Producer Price Index), 0.2%Tuesday, 900am ET, Industrial Production, 0.5%Wednesday, 830am, CPI (Consumer Price Index), 0.4%Wednesday, 830am ET, Crude Oil Inventories Wednesday, 215pm ET, FOMC Interest Rate Decision Thursday, 830am ET, Initial Jobless Claims, 465kThursday, 830am ET, Continuing Claims, 5.435MThursday, 830am ET, Leading Indicators, 0.7%
Follow-up: HPJ, see notes below. AAN, Aarons rental service moving up nicely, hold.
Mitch King
www.TradeStocksAmerica.com
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