Online Trading Pt2
Daily Stock Report for Friday Morning, February 19
, 2010 pt2Summary Opinion We are at a critical level that could establish a downtrend if lower lows are made or this could be just a pullback within an uptrend. The odds of a downtrend starting is becoming more likely looking at recent trading action.
Calendar Tuesday, 200pm, ET, Treasury Budget, -$46.0BWednesday, 830am, Building Permits, 615KImport-Export Prices, Mortgage Applications, Wednesday, 830am ET, Housing Starts, 580KWednesday, 1000am, Treasury Budget, -$60BWednesday, 915am ET, Industrial Production, 0.8%Wednesday, 915am ET, Capacity Utilization, 72.6%Wednesday, 200pm ET, FOMC Meeting Minutes Thursday, 830am ET, Continuing Claims, 4500KThursday, 830am ET, PPI, 0.8%Thursday, 1000am ET, Leading Indicators, 0.5%Thursday, 1100am ET, Crude Oil Inventories, 2.42MFriday, 830am ET, CPI, 0.3%
Follow-up notes: ATPG, ATP Oil and Gas didnt get to the $20 figure and commodities did turn over as expected. This should drop to low $16s for a nice profit on the short side.AEA, Advance America. Consider small short position over $6. Use a 30 minute chart to look for top in chart. TM, Toyota Motors stock dropped further again today so consider a small long position Friday or Monday near $72.
Focus chart: (Worden Stockfinder chart)
TSTC, Telestone rebounded today but is still ok as long as this stays below $20, which should be your stop loss.
Scalp of the Day: PDE, Pride Intl had a drop and pop with a potential profit of 4.1% on the long side.
Mitch King
www.TradeStocksAmerica.com
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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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