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Daily Stock Picks Report Archive

Daily Stock Picks Newsletter from August 22nd, 2008

The financials corrected again and attempted a rebound toward the end of the session.  It looks like they will try further drop but most of the correction is done with them.  The SKF, ProShares UltraShort Financials ETF that goes up in price when the group of financial stocks that this fund represents goes down, had a slightly upward bias today.  It seems likely that most of the correction is done in the financials but some analysts are calling for further and severe correction in this group.

A prominent analyst calls for a major bank failure this year and another round of big corrections in this sector to come again these coming months.  FNM and FRE corrected hard again today at the open and had a weak rebound.  This could be the "big one" that the analyst calls for although they both are mortgage processors and have the backing of the US government now.

More and more rumors and outright discussion of LEH being another Bear Stearns again today also added to the financial sector weakness.

Oil is moving up again as I expected.  DIG moved up 4.65% today alone and that is the long ETF on the energy sector.  It doesn't take much to scare oil up and today it was someone citing the friction between the US and Russia.  Tomorrow it will be about Iran and the next day it could be about oil supplies but whatever the market decides to react to, it will be the same emotional over-reaction as usual.  I've said it many times that markets have the emotional makeup of about a 10 year old girl (with attention deficit syndrome) that is 90% emotion and 10% logic.

XTO has had a big 3 days and profits should be taken tomorrow from this run of $45 to $52.59 in 3 days.  The GDP chart looks more sustainable.  CVX, Chevron and COP, Conoco Phillips have moved big, especially for being some of the largest oil companies.  I still think UNG, the natural gas ETF is going to move over the coming months and going into the winter.  If we see a cold early winter, natural gas is going to move sharply up.  When oil starts going down again, start watching the etf DUG, which is the short fund of energy stocks.

 AFAM, Almost Family is still in the corrective mode and should start correcting faster and faster in the coming days. 

TACT is making lower lows and lower highs and should easily drop below $11 in the next week.

TWP continues to break down as well as SWIM.    

I am still short MITI, Micromet and is still moving against the short position for 3 days now.  It looks like this may continue upward tomorrow and it would be best if it spikes up quickly to $7.50-$8 and begin moving down sharply before the close.  I'll add more to the short position tomorrow.

The coal stocks have had several big days up in price.  FCL, Foundation Coal, ACI, Arch Coal and MEE, Massey Energy are following the rise in oil price even though they are coal stocks.  This could give us a decent short if they follow the pattern established in the last 2 ½  months of lower lows and lower highs; ACI, Arch Coal would be my first choice as a short.  Use the 15 min - 5, 7 or 10 day chart to give you a short sale entry.

It is too late to buy the coal stocks long, especially ACI at this point, unless you enjoy losing money!

Keep your discipline with stop losses and position sizes that are relatively small. 

Have a great day.

Mitch King

www.TradeStocksAmerica.com

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. Opinions expressed in these reports may change without prior notice.

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