Stock Investing -pt1
Daily Stock Report for Monday Morning, April 5
, 2010 pt1
Fridays jobs reports is setting the US stock market to move higher on Monday. Employers created jobs in March at the fastest rate in three years as private companies increased hiring, Various economists are starting to say comments like the economy is on a path to sustainable recovery and the White House economic adviser also stated this report shows continued signs of gradual labor market healing. These comments will likely add some support to stocks this week.
US stock futures rose slightly as the market reaction was positive because of this news although US markets were closed Friday
Non-farm payrolls rose 162,000 and the unemployment had no change from the last report and remained at a 9.7% unemployment rate. This is positive news and the biggest fear was if the Unemployment Rate was going to spike back up to 10%.
We also had the strongest ISM Manufacturing Index reading in five years and that optimistic sentiment should carry over into Monday. The 59.6 exceeded the 57.0 expectations.
Construction spending announced on Thursday moved up sharply for February 1.3%.
The US stock markets closed up nicely on Thursday, the Dow30 up 0.65% as the financials were strong. The tech sector in the Nasdaq Composite were weaker and moved the Nasdaq up only 0.19% and the S&P 500 up 0.74%.
The European markets closed at a 12 month high on Friday as they also observe Good Friday and their markets were closed. China made an interesting comment and stated their commitment to loosen their monetary policy.
On the short term horizon, we have a lot of data that has given positive news last week and this likely moves our markets up steadily. We have a light schedule in economic data this week and the important high priority news was released last week that should move stocks upward and benefit your long positions.
Scalp of the Day:
ARQL, Arquele. See notes under Focus Chart. Several trades in this both long but mostly short. Stock peaked at $7.49 and closed at $5.77, giving a potential profit of almost 30% on the last 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.
by: Mitch King
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