Wednesday Round Up
filed in My Investments on Mar.18, 2009
Wednesday was a great day for a play on markets. Personally I was unable to trade once again, but like I mentioned yesterday, bank stocks were a solid play. Another pair of stocks (FRE)/(FNM) that I mentioned last week were great jumpers today. Both doubled in price today (based on current after-hour trading).
My holding in (AIG) is double its value in 2 days. If sold right now, I would have a profit of: $6300+ in two days. Somebody pinch me! I have not sold yet and will be watching this stock very carefully. I feel this stock has stem to touch $2/share by Friday and based on news of the sale of the HQ, return of bonus money, things could touch $2 soon.
Here is the Bloomberg Summary for Wednesday:
New to watch for Thursday:
Business software maker Oracle Corp (ORCL) reported stronger-than-expected quarterly results and said it would pay its first dividend to shareholders, sending its shares up 6 percent in extended trading. Link.
No. 1 athletic-shoe maker Nike Inc.’s fiscal third-quarter profit fell 47%, hurt by higher costs, slack demand in Europe and weakness at its Umbro brand. Net income fell to $243.8 million, or 50 cents a share, down from $263.8 million, or 92 cents a share, in the year-ago period. Nike’s profit was hurt by charges to mark down goodwill and other assets at Umbro, a big seller of soccer gear. Sales fell 2% to $4.4 billion. Link.
Shares of Bank of America Corp (BAC) and Citigroup Inc (C) powered to multiweek highs on Wednesday on optimism over government efforts to stimulate lending. Bank of America surged $1.40, or 22.3 percent, to $7.67, its highest close since Jan. 15. Citigroup jumped 22.7 percent, or 57 cents, at $3.08, its highest finish since Feb. 13. Trading volume for the two banks on Wednesday neared 2 billion shares. Link.
Hope you all made some good trades on Wednesday! Thursday is looking to be another good day to play in the financial sector. Keep an eye on (AIG) and (FRE) for a couple of the cheaper stocks. If you do get in, keep a tight trailing stop loss that you can edit as the market pushes your position upwards. Get out when a small profit rather than going long on a risk you cannot afford!
Happy Investing!
Aman, MBA
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March 19th, 2009 on 5:21 am
You’re still making money from AIG? 6300 in two days is good dude but I bet you gonna hold it back further right?
[Reply]
admin@BullsBattleBears Reply:
March 19th, 2009 at 11:52 am
AIG has some upside, right now (at the moment of my replying), congress is voting to tax 90% of the Bonus that was given out which will bring it back to tax payers. Today, there was resistance nearing $2/share while support hits around $1.65 levels. I am more than doubled my investment, I had a trailing stop at $1.51 which I cancelled just before it went below that to $1.38 (sucks!). If this stock breaks out of $2 today or tomorrow, its going to shoot up a bit.
[Reply]
March 19th, 2009 on 11:10 am
trend watch : Wednesday Round Up – Bulls Battle Bears…
[...]I feel this stock has stem to touch $2/share by Friday and based on news of the sale of the HQ, return of bonus money, things could touch $2 soon. Her[...]…