Wednesday, December 5th 2012 - 12:06:57 am

Daily Stock Picks Report Archive

Daily Stock Picks Newsletter from October 12th, 2008

Well I messed up that one.  For some strange reason I had the impression the market was closed today and I had another free day.  I did see the Dow futures up last night and I saw the Asian markets move sharply up as well but I didn’t look at the trading calendar.  It must be the cumulative stress from the last few weeks, lol!

It looks like the bottom is in now for the coming weeks and the pattern of trading has changed.  The sellers are exhausted, people threw in the towel at the bottom and the smart buyers came in first last week.  I hope you were one of them.  I bought stocks long on Friday from the list I circulated last week and held over the weekend.

The volatility in stocks will radically diminish and you won’t be seeing those wild swings in stock prices.  So this market will reward those who make a position that will last for days and weeks.  The stock charts to be using to make your decisions are now the daily  charts, not the intraday 1 or 3 minute charts unless you are "day trading" intraday.

The pattern I was planning on describing to you in time before the market opened was that we would likely see a high at the open with a pullback that is shallower than last week.  The logic is that there would still be some fear and skepticism leftover and people would not be used to seeing such high openings.  For several weeks, selling at the opening of the regular market hours was profitable and wise.

After the shallow pullback, it is typical to see a general trend up with small pullbacks in the general climb upward.  It looks like the intraday chart from the chapter described in "Runners" from the Wizard Training course. 

The long entries are not near as obvious as we saw for the last 3 weeks and it is hard to get yourself to buy as stock prices creep up gradually with no screaming signal to buy or sell.  So making positions based on assumptions about a stock is what works and of course, no short selling anymore. 

This uptrend should last for days.  So you day traders will need a lot more patience and the swing and intermediate term investors will likely do well in this market we are seeing today.

The talk of the G7 nations creating a global banking rescue package propped the markets and should keep the floor in the market unless they dilly dally around like the politicians did in the USA.

The VIX dropped from 77 and now to 60.73 as of this writing and will likely look like the bullshort model in the daily chart.  If there is any rise or rebound upward in the VIX chart it should only be temporary.

The UP and DOWN volume should be more equalized with more up volume than down.  Gone are those days of 95% down volume, I doubt we see that again for years.  The low percentage of stocks above its 40 day moving average will start to climb and the ratio of up and down stocks will start to equalize.

Even though the analyst or talking heads who trash the energy, metals & mining, and ag-chemical stocks these will have large rebounds that should be large percentage profits from last week’s lows.  It would not be surprising to see many of these double or triple by year end.

I’ll give a complete video and text report later tonight.

Have a great day and I’ll talk to you tomorrow.

Mitch King

www.TradeStocksAmerica.com

contents:  stock trading, trading strategies, stock picks, stock market education, stock market investing course and educational stock trading videos.

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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