Daily Stock Picks Newsletter from September 28th, 2008
The latest details about the bailout package have been released and a vote takes place sometime on Wednesday. Based on these early reports, this will mean the stock market will likely be volatile for several days.
The reports last week were that this bill would be approved before the stock market opened on Monday or even before the Asian stock market opened Sunday evening. That was the major theme the last several days so I would expect we might have a negative opening on Monday.
There are just too many variables now to predict how people will react to the latest details of financial rescue package and as to the timing of the vote.
My suggestion is to sit on the sidelines except for high probability intraday trades using day trading techniques instead of making any substantial long positions in anticipation that the market goes up on approval of the bill proposal.
As I have said recently, consider buying long the highest quality stocks that have been strong this year or consider buying stocks that have been steadily going up even during this turmoil we have seen these past several weeks in not only our stock markets but global markets.
Have a great day and I’ll talk to you tomorrow.
Mitch King
www.TradeStocksAmerica.com
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