Greetings,
The market had a positive week pushing up many stocks after Tuesday's Federal Reserve meeting. There were several factors in moving the markets up. First, there were no negative surprises from the Fed meeting. Secondly, the excitement of a $31 per share offer for GM shares and various good earnings reports combined with a market bouncing off the 10,000 Dow mark all added up for a winning week in the market.
During this surge I was able to make two more winning trades. Initially, I bought HAL at $41.90 per share and a few days later I sold it at $42.86 per share for a gain of ninety-six cents. Also, I bought XOM at $56.95 per share and sold them a couple of days later at the price of $57.60 per share for a sixty-five cent gain.
I almost made the hat trick for the week had I been filled on my YHOO buy order. I just missed getting filled and the the stock rose nearly a dollar from where I was trying to buy it. I also just missed getting out of DELL on Friday as well.
Can the market sustain last weeks surge? No one knows for sure, but we can predict some market movers. They include earnings reports by CSCO on Monday and WMT reports earnings on Friday. Also, jobless claims and retail sales reports are due out on Thursday morning and the business inventories report is due out on Friday. We haven't seen too much green lately so a little fall back would be expected following last week. But if we can get a bounce afterwards or continue last weeks surge we can make some more good trades.
With a little surge I should be able to close my DELL position this coming week. QLGC looks interesting after being hammered last week. After being downgraded it lost around four points. On Friday the bleeding stopped and it gained back fifty cents indicating a possible bottom. I'll be watching this stock as well as YHOO and other energy stocks.
Have a good week,
Anthony
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