With small pieces of the stress test results coming out today, the financial stocks got a lift that many enjoyed riding for the day. It was known early today that (BAC) would not need to shore up their accounts since they are only short by a small amount. This pulled the stock up 18% today and I said to watch the bank stocks for a play.

My trade for today was a small one. I got 500 shares or (BAC) at $11.75 after a pull back from the morning spike and sold at my limit price of $12.50. Currently the stock is trying to push past the $13 mark in after hours and it would be a great stock to hold long term. However, I can use the profits for other projects and opted to take the income today.

Total profit on (BAC) = $375

There were also other stocks I wanted to get into. (PCX) was where my eyes were set on. But with a limit buy price of $8.99 never being met. I missed on the upswing on the stock. Hopefully Thursday can pull this stock down a bit. I really want to get a big stake in this company and ride it long so the lower the price, the better.

In terms of market summary, here is the video:

Thursday Watches:
Some details of the results of Bank ‘Stress Tests’, including potential losses, are expected to be made public in the afternoon. This could alter some of the bank stock prices. Already on Wednesday there was a strong run up on (BAC) which might reverse on profit taking before another rally in share prices. I did get out of (BAC) but again, its a great long term hold.

Economic Indicator:
6:00AM Monster Employment Index for April.
8:30AM Initial Unemployment Claims; 4:30PM Money Supply.
8:30AM Productivity and Unit Labor Cost for Q1.
Monthly measure of Chain Store Retail Sales for April.
3:00PM Consumer Installment Credit for March.
ECB and Bank of England Meetings.

For Thursday, I will be watching the bank stocks. The stress test results will not come out after the close on Thursday. If an opportunity presents itself, I will try to get into (C) for a small stake. Besides that, there seems to be too much potential for volatility with the pending bank results to invest too much time or energy on speculations.

My other watch is (PCX) if this thing will just pull back a little more, I would gladly get in on a long term play. Its a bargain stock right now, just want to get a better deal.

Happy Investing!

Aman, MBA

Related posts:

  1. Wednesday Plays, Thursday watch
  2. Surprise Retail Numbers Tank Markets Wednesday
  3. Thursday Stress Test Results