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Daily Stock Picks Report Archive

Daily Stock Picks Newsletter from October 23rd, 2008

The stock market sold off today with the Dow 30 correcting -276 points or 3.2% and rebounded up in the last 2 hours to close up +172 or 2.0%.  The trading action looked vicious today even though the market was not down near as much as other days.  When a stock would try to rebound up slightly it would be met with big sell orders and the stock would make lower lows.  It is looking like mutual funds are still selling to raise cash for redemptions and unfortunately, "selling begets more selling."

Former Federal Reserve Chairman Alan Greenspan testified to Congress today and his comment that he "was shocked in disbelief" about what has happened to the investment banking, banking and insurance sector really rattled the stock market.  To hear the former chief architect of the longest bull market say that gave no confidence to the market and proceeded to go to the lows of the session followed by a nervous rebound upward, mostly in the last 30 minutes.

The Asian markets have also sold off tonight with Japan's Nikkei down -7.1% and Hong Kong down over 4%.   This is a vicious cycle we are in that is a very dangerous marketThe stock market looks, acts and feels very fragile.   Normal stock market forecasting techniques can be useless with this type of economic event having so much pressure and fear from many sources.  Is the market adjusting to the most popular belief that we are heading for a deep and prolonged recession?  Is the market also adjusting to the polls that indicate Barrack Obama may be the next president and is his talking to Joe Plumber about "spreading the wealth" from high income families and businesses to the remaining population rattling the country?

Commentators on CNBC have been saying that there is nobody working today who has seen this type of stock market, the last being in the early 1930's.  I am still holding onto the idea that we start to move upward but it could easily fall hard to a new leg down as well.

The large oil stocks like COP, CVX, BP and XOM moved higher on anticipation that the emergency meeting with the oil cartel will result in reduced output in an attempt to drive oil prices higher.  The smaller independent oil and gas stocks did not participate.

Light Sweet Crude Oil prices moved up $1.09 to 67.84 for a 1.6% gain per barrel and yet the large oil companies moved up from 4 to 9% today.

The stock chart on BLK is getting more interesting today as it moved lower.  This stock pick is based on the idea that we see a technical rebound.  The further and faster this stock continues downward, the higher the odds it rebounds unless there is some distress of that company.

I think we have an excellent opportunity to make substantial profits in stocks over the next 3-6 months.  Stock prices may go down more from here before they rebound but the odds are overwhelmingly in our favor to start accumulating stocks and holding for those months.  For those of you who have learned to proficiently trade stocks intraday can profit in this volatile market but the odds are the best to start accumulating stocks for a longer time period.

I'll be continuing to look for the best stocks these next few days.

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

Mitch King

www.TradeStocksAmerica.com

PS:  We will be requiring you to log into the website with a username and password starting this week to get the newsletter as opposed to getting an email with the full newsletter in text and video link.   You will be receiving an email the next few days with instructions.

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.

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.

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