Swing Trading
 
 
Market Review November 2, 2009     
 
Institute for Supply Management showed nationwide manufacturing activity hurdled to 55.7 in October, from 53 in August, economists had expected a gain to 54, numbers above 50 show growth, while numbers below 50 suggest contraction. On the housing front, the National Association of Realtors reported that the number of signed sales contracts to buy homes rose in September for the eighth straight month, pending home sales rose more than expected, by 6.1%, in September, analysts expected a 1.2% increase. Stocks rose after the news, the Dow Jones Industrial Average rose 74 points, the Nasdaq Composite Index rose 4 points and the Standard & Poor’s 500 Index rose 6 points. Bond prices fell, the yield on the benchmark 10-year Treasury note rose to 3.42 from 3.39 Friday, as the dollar fell against other currencies. Crude oil prices rose $1.13 to $78.13 per barrel, gold rose $13.60 to $1,054.00 an ounce.

Free Daily Stock Picks activity and results for November 2, 2009:

FDX - position entry at 72.84, Stop hit for a loss of 1.00 point
MON - position entry at 67.56, 1st Target Level hit for a gain of 1.01 points
MI - position entry at 5.32PM, 2nd Target Level hit for a gain of 0.27 points
KBR - position entry at 20.45, 3rd Target Level hit for a gain of 0.82 points
RBS - position entry at 12.67PM, 1st Target Level hit for a gain of 0.32 points

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