stock market summarySo the title basically sums up how the markets moved on Wednesday. Winners were found in the home building sector, techs and financials which all helped to push the markets into positive waters. With earnings season basically done for the quarter, bond markets closed for Veterans Day and no major economic indicators, markets moved on light volume. The S&P moved to new 13 month high after nearing the 1100 resistance level. Lets see if it can push above this mark Thursday.

Here is the market summary for Wednesday:

News
Gold Futures Could Add to Gains

Macy’s improves outlook, but stock dips (M)

Toll Brothers Jumps as Luxury Home Orders Surge 42%

In terms of Thursday, economic indicators to watch for will be the jobless claims and also the Treasury will have another auction. Both of these will have an impact on the markets tomorrow. Gold is still on a trend upwards and really its insane the potential profits for those that bought at lows months, or even luckier, years back. The Dollar did finally gain some strength which it is going to need to work on with its lagging interesting rates.

Last week I mentioned my buy into (GNW) before earnings came out and the stock did explode before pulling back. This was normal in my opinion and now the stock is on a steady rise. I will not be watching (PCS) which posted their earnings and have pulled back to their 52 week low range. If I can, I will try to get into the company for 400-500 shares on any upcoming sell-off and hold. With the way the current economy is and the string of bad credit many more people are carrying, pre-paid cell phone provide a simple solution to remain connected without putting down security deposits that the larger carriers require (and many consumers cannot afford). I have other reason to get into (PCS) and will watch is for an entry.

Happy Investing!

Aman, MBA

Related posts:

  1. Light Volume Wednesday as Investors Wait for Earnings to Kickoff
  2. Positive Wednesday & Thursday Earings Watch
  3. Stocks Rise Thursday After Brushing Off Home Sales Data