Bulls Battle Bears

Quick important points that have just been put out:
Friday 6am (BAC) will post its earnings earlier than scheduled.
Friday 6am the government will also probably announce what aid is going to (BAC)
-right now that aid is pegged at 15 – 20 billion
-120 billion in ‘backstop’ to protect and black hole caused by Merrill Lynch merger

Thursday was one ride on the markets. Anyone investing Thursday could see how bad certain stocks fell. From the moment the opening bell rang, it was sheer panic selling on the basis that the economy is about to get worse than better. On top of that, banks were calling out for more money and interest rates in other parts of the world were being slashed to try to jump start the economy. It was ugly.

Here is the summary for Thursday – there is also after-hours earnings reports on Intel and Genentech:

So for my trades today, today was just ins/outs of different stocks as I try to end the week with profits to atleast keep that streak going. Anyways, before I speak of those, again, look at the stock (CPY)…look at the one day chart, now like I said yesterday, look at Monday and Wednesday…see a pattern…easy money on that stock today and I’m crazy for not playing it.

So I also mentioned Wednesday that I would be watching (XOM) for Thursday and I did stick with it. Well in the afternoon I got in at $74.33 for 100 shares as the stock touched that area a few time and seemed to hold at that floor level. Lucky for me, the stock bounced up to $76.37 which is off the high but gave a profit today.

Total profit on (XOM) = $204

(RIMM) was another profit play for me today but I bought in one the rally and for no other reason. It was up and seemed to have steam so like making an appearance at a party, I got in and out in less than 1.5hrs. I bought (RIMM) for $47.12 and sold it for $48.89 with only 75 shares. I wish I went in with more, but a profit is a profit. I bought my mom a huge 25% of her portfolio at $36.50ish per share and am amazed its up so much this fast. I will be taking out some of her holdings as there is less exposure.

Total profit on (RIMM) = $132.75

Everybody was so excited in the morning when (JPM) came out with its earnings and posted 6 cents when the estimate was around 1 cent. The stock was up heavily in the pre-market and I could not feel pity for those that got in on the hype. Its something I try to tell my friends when the invest and upon looking at the guidance and numbers in depth, (JPM) still has a ways to go and the stock fell from the open basically.

(BAC) is in hot water and is desperate for more money due to the problems with its merger. So the stock at the open was already down 24% from previous close. It was justified sell off, but exaggerated as well. The bank is strong so a big fall like that was not really going to hold out. I got in with 200 shares at $7.95 thinking that it would not go any lower and for a while hit around $7.35 and I was about to cut my loss at $6.99 but the stock started to rally and ended up selling the stock for $8.89.

Total profit on (BAC) = $188

Total gain for Thursday was = $524.75

For Friday I am going to see the financial stocks again as well as ones mentioned in this video:

Let hope you can all profit tomorrow.

Happy Investing!

Aman,MBA