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Daily Stock Picks Report Archive

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Daily Stock Picks Newsletter from October 29th, 2008

This is a nice bull run we are having now with most stocks.  The odds are that the stock market continues to head up in a general direction.  What often happens when coming out of a deeply oversold condition is the buying is tentative at first (with recent fear and panic that was just experienced) and a much higher level of prices is achieved than most people expected. 

Toward the end of a big run up, retail investors bring in money from "under the mattress" to invest in stocks, unfortunately at the worst timing just before a fall but we are far from that state.  They tend to be the same people that threw in the towel and sold near the bottom.  These are statistical studies, not my opinions.  So be slow to sell any of your long positions yet keep a suggested trailing stop loss percentage to around 5-7%.  The most important even to get through is the election on Tuesday.  If there is a surprise victory by the Republicans, the stock market would likely get a big boost the following several days.  The stock market has mostly priced in a victory for Obama.

The biggest oil producers XOM, BP, COP and CVX continued to move up today in spite of a drop in oil prices per barrel.  That is a bullish sign that the stocks are ignoring the underlying price of the commodity.

Let's review some charts of a few of these stocks quickly as well as the indices.  This is for educational purposes to show teach you how markets tend to act out of a deep bottom like we just had.

List of most profitable and highest quality stocks with percentage change up from the low 4 trading days ago through October 31, 2008 close.

Symbol

Name

Type

Oct 28th Low

October 31st High

% Change thru Oct 31st

V

Visa International

LONG

46.44

56.08

+28.5%

MA

Mastercard

LONG

123.50

148.71

+20.7%

KO

Coca-Cola

LONG

43.50

46.00

+9.4%

SLB

Schlumberger

LONG

42.01

48.18

+14.6%

DD

Dupont

LONG

27.53

32.70

+18.7%

DOW

Dow Chemical

LONG

22.50

27.17

+20.7%

BP

British Petroleum

LONG

42.08

50.71

+20.5%

COP

Conoco Phillips

LONG

45.00

54.00

+20.0%

CVX

Chevron

LONG

61.14

75.88

+24.1%

WMT

Wal-Mart

LONG

50.80

56.77

+11.7%

PG

Proctor & Gamble

LONG

57.07

64.93

+13.7%

I am not recommending any short positions at this time.

I did short a small amount of MON, MOS, AAPL and went long SKF on Thursday just before the close and covered those positions Friday early morning for a small profit. 

Day Traders/Intraday stock ideas:  I am looking for this same pattern Monday morning for a good intraday trade.  I plan to be a little more patient and wait longer to see if more selling occurs.   Look for that big drop and set your charts on a 3 minute 1 day chart and look for the signal to buy.  The bigger the drop, the better the bounce.  Favorite stocks that I still continue to work with on intraday trades are RIMM, AAPL, MON, MOS, POT and APA but many stocks will work with this technique.  Remember to wait for a big drop and if this doesn't happen, then I tend to shy away from this idea and not trade.

If you don't have full size positions, a gradual adding to your long positions on pullbacks would still be effective.  My suggestion is to expand your time horizon around a longer time frame, perhaps as long as 2 or 3 month positions.  If you are a trader and want to sell in anticipation of a short pullback, make sure you still keep in mind a bigger picture that stocks are likely to continue to move higher in the coming weeks.  That means to get back long after a short 1-2 day pullback.  It is easy to be left out of the market

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

Mitch King

www.TradeStocksAmerica.com

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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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