What Happens In Dubai, Stays in Dubai
filed in My Investments on Dec.01, 2009
Last week it seemed like markets all over the world were going to suffer another blow almost one year after financial crisis of the United States. But unlike the problems of the US being a global matter, it seems like the crisis in Dubai will remain abroad. Markets today held a solid footing on all the big boards with gains out pacing losing stocks almost 4 to 1. With a weaker US dollar, stocks managed to take advantage of this by inking higher on stronger volume to begin December off to a nice start. Gold for yet another time, closed at record prices with futures pushing to new highs.
With today mainly filled with getting settled back into the daily motions for me, I was unable to make any trades. However, from last week, (OCNF) is starting to pull higher again. Its small daily gains thus far, but this is a nice and healthy trend towards the upside that I like. A 16% gain might not seem like much, but its better than money sitting in a savings account getting me 1% per year.
Here is the market summary for Tuesday:
Economic Indicators for Wednesday:
ADP Employment Report Nov -175K (forcast) -203K (prior)
Crude Inventories
Fed Beige Book
News:
Gold Tops $1,200 as Risk Appetite Returns
GE, Comcast Complete Deal Over NBC Universal: Source
Shares of homebuilders rise on pending home sales
With gold still on a run upwards and the markets following the leader, I will be playing more conservative heading into the end of another trading year. I was going trough all my trading receipts for 2009 thus far and have noticed that I made the majority of my income in the first 6 months of the year as the markets were pulling up. A couple of sad notes, I bought (DDRX) back when it was around $8/share and sold half of my position when it was at $10. If you notice the price now, you will imagine the pain I feel knowing I could have bought a new car for essentially nothing. Oh well! Life goes on!!
Happy Investing!
Aman, MBA
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