So we had one of those days on the market where the markets were fighting to pull up while profit taking took place. For the most part, it did look like it was going to be another down day on the markets but thanks to a late tech and oil rally, the markets nicely pulled up again. Am I prepared to call this a recovery? Nope. Until there is sustained upward movement consistently for the next couple of months, I won’t begin to put orders for long term stocks.

Today was a hectic day for me off the markets and was unable to pull in a trade. There were tempting stocks all over the board in all sectors, especially for quick day trades. But sadly, with a meeting over the phone with a patent lawyer, meeting with a Real Estate agent over a house being sold in Indiana as well as my usual schedule of studying and the gym, the time did not permit for a profitable trade. No worries, there is always tomorrow!

Here is the market recap for this St. Patrick’s Day: (note the luck of the Irish with a close on the S&P at 777)

Stock News to Watch:
Amazon: Amazon.com Inc. was sued Tuesday by Discovery Communications Inc. for allegedly infringing an electronic book technology patent by selling its Kindle reading device. The stock was still up Tuesday which could pull down on Wednesday. Personally, Amazon really is pulling away from the pact and looks like a solid play on a long even with this lawsuit. Link.

Adobe: Design software maker Adobe Systems Inc (ADBE) forecast a decline in quarterly profit in line with Wall Street projections as it blamed the weak economy for a projected revenue drop. Link.

Caterpillar Inc. (CAT) said it will lay off nearly 2,500 U.S. employees and close a plant in Georgia because of slumping demand for its construction equipment. Link.

Boeing Co (BA) unveiled on Tuesday a new multi-role design of its F-15 combat aircraft that would vie for international orders against Lockheed Martin Corp’s (LMT) F-35 Joint Strike Fighter. This could really boost the price of Boeing with this new line. Link.

Bank stocks were pushing a nice late day rally on the markets on Tuesday, and this has really pushed some healthy gains for many people who invest. Personally, I know many people that played a small position atleast once in the last 4 trading days and all have healthy gains to smile about. Its all about trading with confidence and patience rather than greed!

For Wednesday, I will try to edge myself back into a bank stock. (SKF) has really falling hard ever since the bank rally. But I will cover both sides if one side falls to catch the ride up on the other stock.

Happy Investing!

Aman, MBA

Related posts:

  1. Flat Tuesday
  2. Winning Streak Halted Tuesday
  3. Markets Continue in Green on Tuesday