The Dow closed the day 45 points higher, more or less where it opened for the day. Volume was light with Passover today and the holiday week with the markets closed on Good Friday. Citigroup (C) lost 3% after the Treasury announced it will begin selling its 7.7 billion share stake in the company throughout 2010 likely acting as a ceiling on the stock throughout the year.
I picked up a couple longs today. After blowing a trade in LVS I re-entered today after the stock has consolidated for a few days and now offers another good risk-to-reward opportunity should it trade through $22.50. There is a lack of overhead resistance until the $30 area. I also bought WFMI through $36 and I will be looking for a breakout through $37. Shares look good on various timeframes and while the valuation may be high, the underlying fundamentals are very strong with solid growth rates fueling the momentum trade. I also picked up a small position in NKE and will look to be aggressive over $75 as shares have held the earnings gap and a move higher should kick up the momentum again.
One of the smartest guys I know started up a blog today, Alata Zerka. He reposted a bunch of his older writings that are worth checking out. He has an excellent understanding of the macro economic picture with plenty of financial content intertwined. Definitely check it out!
This week we'll be entering what has historically been the best month in the market averaging a 1.94% gain over the last 50 years. (Bespoke)
Holiday Week Begins Higher, Opened Longs in LVS, WFMI & NKE
The Dow closed the day 45 points higher, more or less where it opened for the day. Volume was light with Passover today and the holiday week with the markets closed on Good Friday. Citigroup (C) lost 3% after the Treasury announced it will begin selling its 7.7 billion share stake in the company throughout 2010 likely acting as a ceiling on the stock throughout the year.
I picked up a couple longs today. After blowing a trade in LVS I re-entered today after the stock has consolidated for a few days and now offers another good risk-to-reward opportunity should it trade through $22.50. There is a lack of overhead resistance until the $30 area. I also bought WFMI through $36 and I will be looking for a breakout through $37. Shares look good on various timeframes and while the valuation may be high, the underlying fundamentals are very strong with solid growth rates fueling the momentum trade. I also picked up a small position in NKE and will look to be aggressive over $75 as shares have held the earnings gap and a move higher should kick up the momentum again.
One of the smartest guys I know started up a blog today, Alata Zerka. He reposted a bunch of his older writings that are worth checking out. He has an excellent understanding of the macro economic picture with plenty of financial content intertwined. Definitely check it out!
This week we'll be entering what has historically been the best month in the market averaging a 1.94% gain over the last 50 years. (Bespoke)
