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Trading Room Pt2
Daily Stock Report for Thursday Morning, March 4
, 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 market has gone through an important short-term resistance level established on February 2nd highs but looks unlikely we exceed the January 19th highs soon.
Calendar (All Eastern times)Monday, 1000am, Construction spending , -0.5%Monday, 1000am, ISM Index, 57.8.Tuesday, 2000pm, Auto and Truck Sales Wednesday, 730am, Challenger Job Cuts, -70.4%Wednesday, 815am, ADP Employment change, -10kWednesday, 1000am, ISM Services, 51.0Wednesday, 1030am Crude Oil Inventories, 3.03MWednesday, 200pm, Feds Beige Book Wednesday, Mortgage applications. Thursday, 830am, Initial Claims, 475KThursday, 830am, Continuing Claims, 4617KThursday, 830am, Productivity, 6.2%Thursday, 1000am, Factory Orders 1.2%, Pending Home Sales 1.7%, Unit Labor Costs -4.4%Friday, 830am, Unemployment Rate, 9.8%Friday, 830am, Nonfarm Payrolls, -20kFriday, 830am, Hourly Earnings, avg, workweekFriday,300pm, Consumer Credit, -3.8B
Follow-up notes: TM, Toyota Motors got a boost today of 3.5% by the closing today and this is a higher price than the February 12th price which is a good sign for the longs. This is what Toyota stock needed to get moving into the high 70s and low 80s.NUVA, Nuvasive is acting strong and only should be approached as a potential intraday trade (scalping). This is not acting good as a bullshort and should be covered. This looks like it wants to go up.
Mitch King
www.TradeStocksAmerica.com
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