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Daily Stock Picks Newsletter from October 16th, 2008

The market acted as expected today and dropped after yesterday's 733 point drop and was down as low as -378 points today and the reversal that I was looking for came in at about 1130am pacific time.  This was clearly a strong buy program that was making this move of a total of 800 points to close at the high of 8,879 today.

There were signs in many stocks that were clearly acting better the way they traded today.  For example, after the first big drop this morning in all stocks, I started buying tech stocks like AAPL, GOOG and RIMM as well as MON, MOS, and APA.  They rebounded from that first drop very substantially.  RIMM dropped from $58 at the open to $52.50 and then had its first rebound to just under $57.  Later in the day a second run from $55 to almost $61 in the aftermarket.   AAPL was also strong on the rebound so I made a made a comment to myself that stocks were "perky" today and to be on the long side today and into tomorrow.  AAPL was also strong in the aftermarket hours caused by GOOG, Google's earnings and IBM was a welcome of good news for the bulls.

Depending upon how the Asian and European markets act tonight and if there is no new "bombshell news event" tonight, the market should gap up a little tomorrow morning, probably have a smaller sell-off than today (if any) and resume an upward direction with higher highs in stock prices.  There is still fear out there and a smaller and smaller sell-off at the open as each day progresses (assuming we have no disaster in stocks), is the pattern I am expecting.

So all we want at this point is no new bad news, no talking Senator, Representative, analyst, President, Federal Reserve member, Bernanke, Treasury Secretary or foreign government saying anything.  We want no news at all.  But of course, that is unlikely. 

We should see some hedge funds go down fairly soon and then we will see the media scramble to make a big deal out of that.  That is not big news anyhow, we've seen that in 1997 with Long Term Capital.

After you become proficient at these trading strategies and you know how to execute a trade, it becomes the psychological aspect of trading that will always be difficult.  What is the most difficult for you is controlling your emotions like fear and greed, keeping your position size, going through the correct procedures to plan and execute your trade. 

You will notice that the emotions won't be difficult when you have a relatively small position size, enter your position correctly using the daily and intraday charts, and exit the position when the chart signals you to close.

The best looking charts as of today's close from the list of stocks that I've talked about this last week are:

NBL, APA, EOG, COG AAPL, PRU, UYM, IBM.

DD, Dupont, 5.1% dividend plus excellent chart could easily make to $39-40 in the coming weeks.

Note the energy stocks did well even though oil continued its DOWNWARD direction  to $72.50 per barrel today.  So that tells us that the energy stocks were linked with the Dow, not the price of oil but eventually they will link that relationship soon.

Also note that the other sectors like steel, ag-chemical, coal were weak today.  What is interesting is that many other stocks did much better than these three sectors listed above.  Some favorites like K, GIS, KO, COST, GOOG, and other high quality large cap stocks did very well.  That tells me those sectors I chose last week were lackluster in the buying we saw in the last hour today, which is something to take note.

Let's take a look at some stock charts on the video recording and see what I am looking for tomorrow.

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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