filed in My Investments on Apr.01, 2009
Wednesday was April Fools in many parts of the world, but the jokes were not found on the markets as the market played a steady rally from open to close. It was a great day to pick and play a stock as many did open lower and gradually rise towards the close.
Here is the summary for Wednesday:
The indicators that I did mention yesterday to watch for did help with the market rally. Home sales have started to go up. With home sales, comes mortgage applications, with those applications comes more lending from banks. So money could start to flow more easily from last quarter.
I really wish I was able to trade on Wednesday, especially when a stock like (LVS) that I have used before had a nice pattern from start to finish. (BAC) also did well today which also could have brought about some money. Its fine. I am going to try to profit on Thursday as quickly into the session as possible.
News to watch for Thursday:
General Motors Corp. and Toyota Motor Corp. led the six biggest automakers in the U.S. in posting smaller March sales declines than analysts estimated as spending on incentives rose to a record. Enough buyers trickled back to showrooms to keep GM, Toyota, Ford Motor Co., Chrysler LLC, Honda Motor Co. and Nissan Motor Co. from reporting even bigger decreases in a month in which job losses mounted and consumer confidence remained low. Link.
Just like I said when the GM CEO was fired:U.S. Treasury Secretary Timothy Geithner said on Wednesday he would consider forcing out chief executives of banks that receive government bailouts if they were not managing their businesses properly. Link.
Earnings Watch for Thursday:
A. Schulman (SHLM) Acuity Brands, Inc. (AYI) Aehr Test Systems (AEHR)
Allscripts-Misys Healthcare Solutions, Inc. (MDRX) AngioDynamics (ANGO)
CarMax, Inc (KMX) DEMANDTEC INC (DMAN) Global Payments Inc. (GPN)
Lawson Software, Inc. (LWSN) Lindsay Corporation (LNN)
Micron Technology (MU) Monsanto Company (MON) MSC Industrial Direct (MSM)
MSCI INC (MXB) Research In Motion Limited (RIMM) Rite Aid Corporation (RAD)
With the earnings, the two stocks that I am closely watching are RIMM and Rite Aid, both could see some nice movements and it would be nice to get on before this happens. RIMM is expected to be around $0.84/share but I can assume it will be only higher.
7:45AM European Central Bank meeting.
8:30AM Initial Unemployment Claims;
6:00AM Monster Employment Index for March.
10:00AM Factory Orders for February.
4:30PM Money Supply.
Quest communications is another stock worthy of watching has it prepares to sell one of its units from $3-4 billion. Its expected that the bidding war will be from Level 3 Communications, Verizon, and ATnT. So this could really cause a nice pop in Quest (Q).