Friday, August 29th 2014 - 05:09:18 pm

Daily Stock Picks Report Archive

Daily Stock Picks Newsletter from September 9th, 2008

The financial sector really moved up as expected and made a higher high off the "plateau" they have had for the last 2 months.  This spike up on the daily chart usually indicates that we are heading up over the coming weeks in this sector.

Note that the Dow went up substantially, almost 2.6% and yet the Nasdaq Composite closed slightly up today so the tech stocks definitely had a poor first half..

When you really think what the government action did is it will free up the flow of money in the mortgage business and this positive move will trickle down to many sectors.  The only bad thing is the shareholders of FNM, Fannie Mae and FRE, Freddie Mac have lost almost 90% of the stock price today alone!

The companies most likely to continue upward over the next couple of months are the money bank centers like BAC- Bank of America and WFC-Wells Fargo.

The housing stocks (DHI--DR Horton, CTX--Centex, KBH-KB Homes,  TOL-Toll Brothers, and even BZH-Beazer Homes)  moved up sharply today and are good intermediate term stocks to buy, even after the move up today.  You will have to remind yourself over time that this is a trade that has a wide stop loss price that will take weeks to develop.  When you look at a stock over a longer time, the execution doesn't have to be near as exact as a swing or especially a scalping intraday trade.

The sentiment is definitely going to shift toward a more positive tone in the housing related stocks, including the builders, basic materials, and I am sure that this last July 15th was the low

The bond market went down in the morning session, strangely to me but ended up slightly at end of day.

Commodities continued downward and oil moved up with the Hurricane Ike Category 4 upgrade and the largest oils were moving up with the market (XOM, COP, CVX).

I am watching for high probability trades in this is a particularly good time for more caution with so many crosscurrents in the market.  The idea now is now thew d he subsorbs'

I'll am short STSI and this closed down 4.5% at the close.

Have a Great Day today (and everyday)!

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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