Greetings,
Another wild week on Wall Street came to end on a very positive note closing well into the green territory. A major terrorist strike in London and rising crude prices sucked the air out of the market at mid-week sending stocks down. But a funny thing happened by day's end on Thursday, the markets completely reversed direction to end the day near even. And on Friday, the markets exploded to higher levels shrugging off terrorist acts, high crude prices due to hurricane threats, and inflation fears. This leads me to believe that this market is strong and resilient, ready to move upward. Strong job growth figures were reported on Friday and crude prices fell by days end to further rally the market. This kind of bounce back could give investors and traders the confidence to jump back in the market. A whole slew of earnings reports will start emerging next week. Positive reports could really send this market soaring.
During last week's pull back I finally bought more MSFT to cost average this position. My order got filled at $24.76. My original buy in price was $26.55 per share. My new cost averaged break-even point is $25.66 per share. Earlier in the week WMT finally came threw with some news that was well received by the markets sending the stock higher closing just under the $50.00 per share mark. The news was that they surpassed sales expectations. TEK is slowly climbing back closing the week over $24.50 per share.
In addition to earnings reports, several other economic reports are due out next week. On Thursday, the Jobless Claims report and Retail Sales report are due out. And on Friday, the Consumer Sentiment report is due out among several others.
Next week could be great if we can rally off this weeks sign of market resilience. And as usual crude prices will play a roll in next weeks stock values. With hurricane pressure temporarily off maybe prices will continue to soften and pump stocks higher. We'll have to wait and see.
Have a good week,
Anthony
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