Good morning,
US markets started the week higher after the surprising nice report from the National Association of Realtors’ existing home sales surged more than estimates and the statement from a fed reserve officer that they should continue buying mortgaged backed securities past 2010. Market breadth was positive and trading volume was light. On the NYSE, winners beat losers nearly four to one. On the NASDAQ, advancers beat decliners by more than two to one on volume of 1.27B shares. DJIA closed 1.28% higher at 10,450.95 and S & P gained 1.36% to close at 1106.24. By the way, I need to clarify that when I mentioned that US markets will trade sideways this week, I was suggesting that the markets will close within narrow range. However, I believed that the market will continue to be volatile within the week as participants respond to news releases. That is why I suggested buying at dip and selling at targets.
It is always nice to make money on the first trading day of the week. As expected, 3 of my positions in NOV were closed last night with very nice profits when the prices hit my limits. Good thing it did as NOV declined from its high of $44.36 to close at $43.53, up 1.73% higher from Friday’s close. It went as low as $43.36 during the trading session. I have 1 more position left for this counter and I am sure it will be sold by this week with profits. MGLN closed the session at $36.72, 1.35% higher. The other stock selected by KUTE and showed good buying signals, APOG gained 2.99% to close at $14.46.
Have a great day ahead!
Francies Cheng
BBus MAppliedFinance
No comments:
Post a Comment