Its funny how Tuesday turned out on the markets. Initially, the futures pointed to a strong open, but with the hesitation in the banking sector, that sentiment dragged the stocks down right at the open. For me, this was good since I was able to capitalize on (SKF) and get in at $70.77 for 80 shares. I am lucky for the next part. Literally an hour into holding this stock, I was watching Bloomberg when a comment by Geithner about how banks have enough cash for any storm quickly reversed stocks. (C) was quickly on a rally and I had to quickly get out of (SKF) before I lost any profits.

In the end, I managed to see (SKF) at 72.23 which was off the high but lucky for me, this price I sold at was never seen for the rest of the day. The stock just fell as the inverse reaction to a rally across the board.

Total profit on (SKF) = $116.80 <-- this was a small profit indeed, but I'm glad to get one.

My other holding from yesterday and last week, (C) did rally and rise up today. At one point I did consider selling my position but feel that with the current positive remarks, there could be further upside. The bigger concern for me is still the conversion of preferred to common stock which could kill current share prices as the stock get diluted.

Here is the market summary for Tuesday:

Looking at Wednesday, there is another round of earnings from a very big group of companies:

Earnings:
(APD) 0.83 (AAI) 0.0 (ACL) 1.44 (ADS) 1.11 (EPAX) -0.27 (DOX) 0.49
(AAPL) 1.08 (ABFS) -0.38 (AF) 0.25 (T) 0.48 (ATMI) -0.18 (AXYS) 0.6
(CLZR) -0.08 (DLLR) 0.37 (DOV) 0.47 (EBAY) 0.33 (EMC) 0.17 (EGN) 1.29
(EPIQ) 0.17 (EQIX) 0.17 FFIV 0.36 (GENZ) 1.06 (GSK) N/A (GRT) 0.42
(GGG) 0.1 (HUBG) 0.2 (IMN -0.15 (IR) -0.11 (JRN) 0.01 (KMB) 0.97 (LEG) 0.08
(LOGI) 0.06 (MCD) 0.82 (MCBI) -0.02 (MKSI) -0.34 (NPBC) 0.18 (NEU) 1.1
(NE) 1.45 (PTV) 0.45 (PTP) 1.32 (RIMG) 0.03 (ROME) 0.1 (R) 0.46 (SYBT) 0.33
(BFS) 0.64 (SLM) 0.2 (STLD) -0.43 (SUSQ) 0.17 (SY) 0.42 (SNV) -0.35 (TDY) 0.54
(TCBI) 0.14 (ALL) 1.27 (BA) 1.19 (TSCO) -0.05 (WOOF) 0.36 (VTNC) -0.2 (WLP) 1.24
(WFC) 0.24 (XLNX) 0.18

Economic Indicator:
7:00AM Weekly Mortgage Applications
10:30AM Crude Inventories. <– will affect oil prices

Wednesday right now is pointing to a positive open. With the oil inventories being announced, as well as many companies reporting earnings, its going to be interesting if the markets actually head positive on Wednesday. You can see that bank stocks are offering the best swings on a daily basis and its the sector I will play.

Happy Investing!

Aman, MBA

Related posts:

  1. Tuesday Activity…
  2. Markets Rally Monday and Gas above $2.50 for first time since October
  3. Weekend Update/Summary: