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Stock Market Ignored Bad News Today - Mike Swanson (07/24/09)

Submitted by Mike Swanson on Fri, 2009-07-24 16:20.

The stock market rally continued today as the market shrugged off bad news to the benefit of stock trading on the long side. The opening looked a little dicey as Microsoft announced disappointing earnings and opened in the red almost 10%. That took down the Nasdaq 100, which closed the day down 7 points after falling over 20 points in the morning.

The DOW and S&P 500, however, managed to close in the green. What was noteworthy is that even though the market is very bought and a news catalyst that normally would make it fall came out the market managed to stay up anyway.

Stocks in China in particular went up. I actually bought several China stocks the other day and recommended them to premium subscribers. All of them were up nicely today, with one of them over 14%.

It is time to look for stocks and build a watchlist for buys when the market pauses or pulls back. I recommend maintaining a list of the 50 hottest stocks and keeping an eye on them. Just go over the list each night and make additions and subtractions from it so you will be ready.

Next week will be interesting for the market. Stay tuned and be ready!

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Hello. My name is Mike Swanson. I’m the best-selling author of the book Strategic Stock Trading. In a former life I used to run a hedge fund from 2003 to 2006 that generated a return of over 78% during that time frame. In fact it was ranked in the top 35 out of 5,000 hedge funds in 2005.

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