Post Market Update Friday 5/1/09: Watching the last 1/2 hour today illustrated just how much disagreement there is amongst traders about the state of the economy. Buyers and sellers were literally punching it out and it was a fun watch.
This morning set the tone when $MA reported less than great expectations going forward despite beating the street. Strong pullback many of the well advanced stocks among them V. When the market did not tank on more buyers started to come into the market and the BB battle started, at first timidly ending by the final bell in a full war with Bulls winning this one.
The Trade list did not play out as expected today for the most part for reasons stated above. $GNK being the exception, hit entry early in the day and the $21 target before pulling back. zzzzzzzzzzzzz $IBM channel narrowed to 1.5 point range so the plays were much more narrow but so was most of the market. $CSC did not open higher higher than yesterday's close and stayed sideways most of the day so this will be a play going forward. $DVN entry was hit today with gains below expectations but still a decent $.80 could be had. Keep this also going forward as energy stocks will be in play I think this summer. Did not play $COST or $BIG as whenever I looked it was never the right time to consider them viable for today. $MA and $V had a few scalps in them both long and short as did $SKF.
So overall the week went as planned and had some very nice opportunities and gains fromthe list posted. Hope you had a great week and will have a great weekend.
Anni
