Daily Market Watch - Week of 4/20/2009
No ambition this week, huh Bill? That's ok, I'll start it...
I still like my portfolio image... See it posted below? That is perrrty, aint it?
I want to pick up some FNM tomorrow morning as a long term play. I think the worst is behind us, and some of the poor battered stocks are going to benefit the most. FNM is one of those. I also want to watch the OEM segment to see if they take a nasty hit to GMs announcment of BK being "probable". If so, I may pick up Ford again.
Looking for a pullback on SIRI... I sold at 47, and I really don't think I will have a problem buying back in lower this week. It has already run up over 35% last week, it is due for a pullback in my opinion.
And now for the last post in last week's thread:
Quote:
Originally Posted by Tripping
hey bill, thx for the compliment, i was just playing an earnings call with hayz, hoping they would suprise, they are not that bad off, only drop 10 percent in sales in this curent climate is not that bad, its just i think that going concern is going to drop it some more, i dont think they will bk but i dont think that will be clear for awhile longer. Might buy back in if this going concern makes the sp drop far enough. Im only playing a couple hundred so risk is non existent. That other stock was VC, and yes they went bk, lol i got lucky and dumped it before the bk went down and took a tiny tiny loss. I dont think hayz is as bad off as vc was though. the latest release said no risk of default due to the going concern but i still think sp will drop, i could be dead wrong though cause sales werent that bad. will see monday here in about 7 hours gn all
Daily Market Watch - Week of 4/20/2009
How's that for ambition? lol
Well, I made out today. Sold OCNF yesterday at 1.61 and rebought it today at 1.28, so I am happy.
ABK fell through its own ass and strangled itself with its own sphincter.
FREE held really well considering
SSCCQ held at the opening of .090 at the end of the day.
Really exciting stuff, eh? :)
I was prepared for this pullback though, that is why I sold OCNF yesterday because I knew it would fall today or Tuesday.
Now we get to see how fast it comes back up. It should come back up fast or it is going to take a big swan dive for a while, but I think it will come back up fast. There was a ton of profit-taking today as the time was due.
I put in a couple of orders today in pennies that didn't execute (I did that this morning), then I had to run home for a minute, and checked my computer and canceled them and swooped up OCNF again.
Can a story get much more exciting than this?
I remember VC now, Tripps. Man they did everything that you could think of.
I won't get political in this post. I will later this evening, lol
Hope you had a great trading day,
Bill
OK, now to politics and reality
My MAIN concern right now within the market is that the government is going to take the money they invested into the banks and convert it into common stock from preferred stock. The danger is there that the government will officially be the principal stock holder in these banks. They also plan on doing this after the supposed stress test where they will force banks to take money and then do the same thing. This is a true nationalization of the banks, but coming through the back door.
Now, when they do this it will cause dilution of the stocks for these companies and make investors' stock less valuable by a bunch....turn it into real crap stock. This also gives the government big voting rights for being the principal share owner. Very very scary!!
Consequently, this will affect the whole market, as before when the financials took a dump. So what I am thinking is: Is the market going to start whip-sawing again? Will it take another leg or two down?
Bumbo doesn't like the stock market, he only likes control.
My question is.....how long should I hang on to any stock with this happening? Really really scary, but in the meantime I will go on as normal with a big eye open and ready to hit the sell button.
Keep your eye on the financials....very important. I wouldn't touch them with a nine foot pole right now.
Be ready to keep your powder dry as possible is my philosophy.
Have a great trading day in the morning -
Bill ;)
(Most of this post was from a post that I wrote to LookinUp.....I am too lazy to type it again and to get myself all wound up again....True story though) :cool: