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trading strategy, online trading
Greetings,
The markets started off the week showing strong resilience to the profit takers capitalizing on the latest run up. It looked pretty encouraging to see the market hold its earlier gains until Friday afternoon. After waiting all week for the market to pull back and jump back in the water my timing was about 30 minutes premature. The jobless report came out Friday morning and hit the news services. The report was analyzed and was reported to be a negative factor due to the disappointing number of new jobs reported which was about half of what was expected. At the same time this negative news was speculated by the news services to possibly influence the Federal Reserve to stop raising interest rates sooner than expected. This weak jobless report suggests a weaker economy. Once this information was out the market slowly reacted by initially dropping just slightly and holding. Then about an hour later the bottom fell out and the Friday session turned into a major pull back.
Looking for an entry point into this strong market I opened two new positions after the news of the jobless report was out, figuring the market was shrugging it off and now was the time to move. I bought EBAY at $38.75 per share and I also bought YHOO at $38.39 per share. Just after my orders were filled the effect of the jobless report apparently hit the market driving down most stocks further with the exception of many oil stocks. Both stocks that I bought on Friday ended lower as the market dropped overall. Also adding to the markets downfall was the resurgence of oil prices once again approaching the $55.00 per barrel mark.
Next week will be interesting to see how the market follows up. Is this jobless report a true indicator of a weak economy or was it just a freak occurrence? For some reason this report came in lower than expected, but my guess is that the economy is fine. After a good market run up the market may have been ready to give back some of its earlier gains and was waiting for an excuse to do so. Oil is hot again after speculation the bubble was bursting. AAPL took a big hit on Friday after settling some business problems related to the ipod product and dropped nearly two points. We'll see how the market handles negative news early in the week to assess if it is ready to bounce back up.
Have a good week,
Anthony
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These notices of Anthony Myers' trading ideas are intended to provide opinions about and analysis of the mentioned stock(s). They are not intended to provide personalized investment advice. DO NOT EMAIL ANTHONY MYERS SEEKING PERSONALIZED INVESTMENT ADVICE, WHICH HE CANNOT PROVIDE. Anthony Myers is the commentator for AEM Investment Company, LLP. Online Investment Services, LP. is a publisher (via InvestmentHouse.com), and neither Online Investment Services, LP, InvestmentHouse.com, nor Mr. Myers is registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission or with any state securities regulatory authority. From time to time, Mr. Myers may write about stocks in which he has a position. In such cases, appropriate disclosure is made. Mr. Myers statements represent his own opinions and is provided for informational purposes only, and no mention of a particular security constitutes a recommendation to buy, sell, or hold that or any other security, or that any particular security, portfolio of securities, transaction, investment strategy is suitable for any specific person. You further understand that Mr. Myers will not advise you personally concerning the nature, potential, value or suitability of any particular security, portfolio of securities, transaction, investment strategy or other matter. To the extent any of the information provided may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. There is a very high degree of risk involved in trading. Losses can be significant. Past results are not indicative of future returns. You bear responsibility for your own investment research and decisions and should seek the advice of a qualified securities professional before making any investment. By accessing this data and accepting emails from us, you agree to be bound by the Terms and Conditions of service and the Disclaimer as such may be amended from time to time.
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