Wednesday, July 28, 2010

Stocks To Buy Now

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As part of my daily stock market investing routine, I look at my stock market screens to see what stocks to buy now. These screens can fluctuate and some days they flash lots of stocks and on days like today, they only bring a few to the surface. Whether the market is good or bad, you should be on the constant lookout for quality stocks to buy every day. When the market is in confirmed uptrend, if the chart shows a proper buy point on a breakout, you could buy that stock right away or if the market is in a downturn, you could put the stock on a watch list to keep an eye on for later.

Finding the best stocks to buy right now is an art not a science. And, like any skill, only by working on it on a consistent basis can you improve your ability to pick winning stocks. Making mistakes will only improve your skill. So you can't be afraid to make them. They will just improve your skill. At the heart of this is the developing a system of bringing quality stocks to the surface and looking at them daily. And, while you can just listen to shows like Cramer's Mad Money and make your picks from there, you are better off developing your own list of potential winners.

If you are just starting out, here is what I recommend that you do. Based on your investment strategy pick a stock screen that will bring stocks to the surface that meet that strategies criteria. For example, I believe in the CANSLIM strategy. A good stock screen to watch on a daily basis might be the 52 Week New High List. These stocks would deserve further review.

However, this doesn't mean that just because a stock shows up on the 52 week new high list that I should expect it to be one of the best stocks to buy now but it deserves further review.

Today for example, I had two stocks show up on a screen I'm working with. They were:

FDO, ODFL

But upon digging deeper into their fundamentals did I determine that I didn't like them. Had they been better fundamentally, I would have then looked at their charts.

Determining what stocks to buy now is a process you can learn to master. A commitment to daily and weekly learning is required. Keep working at it and you will get better. For more information on where to start, you might check out my Ultimate Buying Stocks Guide as well.

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