filed in My Investments on Sep.25, 2009
I cannot recall a three-peat session in the red in a while. Its certainly been a rare occurrence but for today, it had nothing to do with profit taking, but a lot on fundamentals. The strength of the current recovery was once again but into doubt after weaker-than-expected reports on durable goods orders and new home sales sparked concerns about the strength of any recovery. Selling was on higher volume which could be significant of consolidation from the rallies we have seen. This could be a segway to a correction, or the opposite can take place, after the markets begin to consolidate, they could this as yet another jump point to move higher. Its all going to depend on the weekend news and Monday activity.
So Research in Motion (RIMM), was a company I was touting a few days back as a great $100 potential stock. Well, the price imploded after earnings announced on Thursday evening. The stock was down about 16% today after earnings were beat, but future guidance was poor. Personally, I think RIMM is pulling what Apple has done in the past, sand bag their outlook to a more reserved one and then beat it out of the park. With the major pull back today, I can certainly see a steady rise back upwards, this is a temporary set back.
Here is the market summary:
Its the weekend so there isn’t much to lookout for. I will update on Sunday with any stories that could affect markets and your ability to make money.
Financially, its been a slow week for me, I made a quick trade this week but am still holding to (VVTV), (FRE), and a few others. I got into (CHCI) for 2500 shares today for $0.95 which is what I felt was a fair price. If the price does go lower, I will try to average down. This stock has run up quite a bit so it could be a riskier play than what most are accustomed to.
- Credit Concerns Drag Markets Lower Wednesday
- Fed Lowers 2009 Outlook, Leads to Lower Close Wednesday
- New 52wk High for VVTV Shares, Markets End Slightly Lower