subject: Short Term Investing -pt2 [print this page] Daily Stock Report for Thursday Morning, April 1, 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 responding to Obamas approval of off-shore drilling so most all of the oil stocks have spiked sharply in the last two sessions. Other stocks: DO, SLB, SU,
Focus chart: (Worden Stockfinder chart)
ABIO, Arca Biopharma bullshort is over now. Todays lower low and lower high was only a slightly lower low and this has a good chance of rebounding up on the long side in the next 1-3 days. If you do try a long swing in this, buy gradually and close to $5 as possible. The safe way to play this is you want to wait a couple of days to see if $5 holds and it doesnt go below before you buy. And dont build too big of a position because these can easily fall apart. Be prepared to lose 5-7% on these.
ARQL, Arquele moved up today from yesterdays close of $3.50 to a high of $7.49 today and sold off to $5.72 at the closer ($5.50 after market). This gave several trades both long and short, the biggest of which was the last one from $7.49 to the close at $5.72 for a potential profit of 29%. This is likely going to give more good day trading scalps on Thursday.
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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