chart7Friday the week came to a close with some pleasing news for investors. The DOW Industrial Average is finally, yes, finally, positive for 2009. Many pessimists felt the worst on the markets was yet to come, but this is proof that buyers are in the markets and snapping up deals of a lifetime which has helped prop the markets in this healthy direction. One of the indicators showed that consumer confidence is higher for the month but there is still some hesitation mainly due to pending inflation.

Here is the market summary for Friday:

Now Thursday I was unable to post as it was one of those rare days where I was totally away from any internet source during a viable time to make a summary of the market. Normally I give a heads up for things like this and apologize for those that read this post before bed.

Now on Thursday, I did watch some stocks like (GMGMQ) which after news Wednesday night from head office was sharply off from the previous positive momentum. Happily, I sold my position at a small loss Wednesday which would have been worse.

The other stock I got into was (BAC) Bank of America previously had a price target set by analysts of $18/share but was raised to $22 while a ‘buy’ rating was once again reiterated. This is all great news which complimented the already known fact that BoA was preparing to pay back the TARP as soon as possible and for many this would mean within the coming year. My entry was late on Thursday, which is rare for me, but I got into the stock for $12.90 for 500 shares. I was thinking of selling before the end of Friday but hesitated and will hold until Monday. There is still momentum for upside on the stock and I’ll try to hold.

On Friday I did not make any trades so there isn’t much for me to report. Oil did pull back which can be attributed to simple profit taking which is normal on a Friday. Sadly, for the 42nd (or more) day in a row, gas prices in the US are up. Hopefully this trend will cool off soon.

Hope you all have a good weekend! Its a hectic week next week so I will try my best to maintain my postings while I hunt for a place to live in Chicago.

Happy Investing!

Aman, MBA

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