Shot of Adrenaline Late Day Boosts Market Friday
filed in My Investments on May.29, 2009
U.S. stocks finished the week and the month of May on a high note, as rallying commodities led the market to higher ground on Friday and helped give the broad market a 5.3% gain for the month. A late day rally pushed the broader markets up 1.2% (avg). The market were fluctuating from negative to flat numbers on mixed economic data. For the third month in a row, all three indexes have gone up.
Its a Friday so I will just keep this summary to a minimum.
(GM) is a goner. It tanked 33% today, and is down another 6% AH. Pull the life support on this junk stock and let it die. For those that read my posts back in Nov/Dec/Jan when I was pulling some quick swing profits on this stock, I called it. I said do not jump into (GM) for a long-term position until late May/June when the government acts. Did I have inside info? no. This demise of General Motors was happening and those that are not trading with emotions knew precisely what the result would be.
Three stocks that popped today were Coca-Cola, Merck and Pfizer which all were up over 3.3%
Gold is on a tear. (AUY) I found out has been heavily shorted and this squeeze is causing the stock price to rise. I was foolish for not realizing this a few days back when I said to sell. Another two days from when I said to sell, it was up another $1. As the US dollar keeps falling, the gold/silver stocks will rise.
Here is the market summary for Friday:
Its early to understand what to expect on Monday. So enjoy the weekend!
Happy Investing!
Aman, MBA
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