Daily Stock Picks Newsletter from September 15th, 2008
After the market closed, AIG, American International Group was given an $85 billion loan but the US Government now owns almost 80% of the company. This usually doesn’t bode well for the common and preferred shareholders but it is hard to tell what the stock will do tomorrow morning. The stock already was down as low as $1.22 today and rebounded to $5.25, then back to $1.32 later in the day.
It was going to be the one bankruptcy that would cause massive problems in the financial and business community so the Fed reversed their previous opinion not to do anymore bailouts.
This action will prevent the stock market from having a severe drop down these next few days as opposed to what would have turned into a big mess if AIG was allowed to fail.
Stocks should open up tomorrow and are likely to move up for days or possibly for a couple of months. It is often this type of climactic event that causes a reversal in the stock market. The financial market is such that it is so extremely sensitive to any negative news that when investors feel an event takes the "risk out" of their mind, individual investors starting buying-and tomorrow would be a good time Your wish list of good quality stocks can be purchased now, if you didn’t already earlier this morning.
Here are some stocks that look good to me to buy long:
AAPL, Apple Computer looks good on the daily stock chart.
Some independent oil stocks should start moving but there was a lower low today, $91.15 at the close. XTO, UNG, and RIMM look like good candidates to buy long as well.
HPQ, Hewlett Packard and WFC, Wells Fargo Bank, are examples of stocks moving up to higher highs and have not experienced the big downfall we have seen in most other stocks. This technique is quite a powerful strategy to catch rising stocks.
Have a great day and keep your position sizes small relative to the account size!
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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