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Daily Stock Picks Newsletter from October 30th, 2008

It is excellent we had another day up today which makes 3 up days in a row, the last time was over 6 weeks ago in early September.  The odds are that we see a down opening tomorrow with a couple mild down days as a minimum.  Whether we get the same vicious selling into this rebound we just had the last three days as we saw on all previous rebounds seems a little less likely this time around.   I haven't seen any evidence of aggressive short selling or redemption-margin call selling these past few days but it could continue if a selling pattern continues.

Light Sweet Crude Oil prices moved up moved back down to $65.96 per barrel or 2.3% yet oil stocks yet the major oil producers, XOM, BP, COP and CVX continued to move up today.  (Interesting note is regular unleaded in Portland, Oregon area reached $2.22 today with 30-40 minute lines to fill up).

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 the last FOUR trading days.

V, Visa International       +21.7%
MA, Mastercard             +16.2%
KO, Coca-cola              +10.6%
SLB, Schlumberger       +30.8%
DD, Dupont                   +18.2%
DOW, Dow Chemical     +17.1$
BP, British Petroleum    +28.2%
COP, ConocoPhillips     +16.6%
CVX, Chevron               +24.7%
WMT, Wal-Mart Stores   +12.9%
PG, Procter & Gamble   +11.0%
IBM, IBM                      +15.9%
BRKB, Berkshire            +11.9%
GSK, GlaxoSmithKline   +7.5%
BAC, Bank of America   +17.3%
PEP, Pepsi-cola            +13.4%
GOOG, Google             +12.8%
AAPL, Apple Computer +21.6%
APA, Apache Energy     +25.1%

Potential short swing stock picks:  POT, MON, AGU, AMZN, AAPL, BP, IBM, and APA.

I did short a small amount of MON, MOS, AAPL and went long SKF just before the close today as the first three stocks ran up at the close.  I am not looking to make a killing, maybe 7-12% profit tomorrow through Monday morning on a swing trade.  I may add a short position in POT and AGU tomorrow morning as well.  A very small position can be opened near the open on the short side in anticipation that these sell down similar to what I have shown in the video tonight.  This is an anticipation trade based on what has been consistently happening for most of the previous weeks.  I didn't short at or near the open these past few days knowing that the market has been moving up.

Day Traders/Intraday stock ideas:  The pattern that has been most every morning that stocks have a big sell down, just like you see in the video tonight.  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 have been working 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.

You can always find a good high quality idea if you look and wait.  The hardest part is waiting for the right setup.

Keep your position sizes small and no leverage.

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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