With an Obama speech on Tuesday, Wednesday looked to buck previous trends of post speech stock market crashes that have normally been witnessed in the past few months. This was great, the market was up, but gradually lost steam and fell lower but ended slightly up. Good showing.

For Wednesday, I did not manage to trade. I was initially strong on getting in on (SKF) early in the day with a limit buy order and really am kicking myself for not doing so. The stock went up throughout the day and I could have had a nice 1000+ day. Oh well. Tomorrow is another day.

Another stock I did trade, but not for myself, but for my parents was (NRTLQ), Nortel was not really moving on anything substantial but there were significant spikes in volume which were precipitating that something was about to happen. When the first large buy came in at $0.09, and then at around $0.10, it looked like a spike was going to come with smaller investors trying to get in a rally. Well, I managed to get my parents in at $0.10 and out at $0.13, that is a 30% gain on their investment and I’m sure they will be happy with that.

So here is the summary for Wednesday:

News for Thursday:
Moody’s Investors Service downgraded Bank of America Corp. and Wells Fargo & Co. Wednesday on concern the banks may need more government support to boost their capital. Link. (GE) took a drop when their rating was cut but did bounce back up when it was not as bad as everyone expected. (BAC) will be a good stock to watch for a negative reaction before a bounce back.

Crude-oil futures fell Wednesday, dropping from their highest level in nearly four months as data showed U.S. crude inventories rose more than expected to the highest level in 16 years as petroleum demand fell. Link.

Red Hat Inc., the biggest seller of the Linux operating system, met analysts’ estimates with its fourth-quarter profit and first-quarter forecast, sending the shares up 8.7 percent in late trading. Link.

For a long play I mentioned a few times that (AUY) was a good shot, will its up past $9.50 now with another shot to break $10. Also since I last talked about getting into (XOM), its been up nicely.

I will be watching the bank stocks again and perhaps a personal quick play on Nortel if these is another pump upwards.

Happy Investing!

Aman, MBA

Related posts:

  1. Wednesday Round Up
  2. Tuesday summary, profits during weakness and Wednesday outlook
  3. Wednesday Market Summary