chart1Tuesday was another positive day on the market. After a monster push towards the upside on Monday, profit taking was expected, and even with the low volume and taking of profits off the table, the markets still remained positive. A big surge was found in pending home sales which were up as much as 32% in the North East United States while overall, the number was up around 6.7%.

Now what are pending home sales? Those are basically homes which people have come into agreement to purchase, but have not closed on the sale. With the lower mortgage rates last month, an economy that seems to have bottomed and cheap real estate, the opportunity for many is now to get into the homes they desire.

Automakers also had some good news when they announced weaker auto sales, but numbers that were better than expected. Chrysler Corp which essentially shutdown all plants immediately after filing Chapter 11 has just announced this evening that they plants will start operations by the end of the month. Great news for the workers and part suppliers that were also left to idle.

Tuesday I did not find anything special to jump into for some profits. I was tempted to get into (BAC) but opted to stay on the side line today.

Here is the market summary video for Tuesday:

Looking at Wednesday:
Indicators:
7:00AM Weekly Mortgage Applications
8:15AM Employment Report (May)
10:00AM Factory Orders (April)
10:00AM ISM Services Index (May)
10:30AM Crude Inventories

News to Read:
Pepsi Bottling Group Raises Q2, Full-Year Estimates

Aetna cuts full-year profit forecast.

VeriFone Q2 adjusted profit beats Wall Street view.

Wednesday I will watch (AUY) for a possible day trade opportunity. Gold is roaring towards $1000 without a corrective stance in site. If the gold starts pulling up again tomorrow, (AUY) could be a good play tomorrow for a quick small profit.

Another stock that I will be looking at is (PAY) Verifone. It did beat expectations after revised profits for Q2. The stock did fall about 7% on Tuesday possible could pull up Wednesday. I will take it for a short ride if a buying session takes place.

Happy Investing!

Aman, MBA

Related posts:

  1. Stocks Rise Thursday After Brushing Off Home Sales Data
  2. Retail Numbers for September Keep US Markets Positive
  3. Flat Tuesday