Stock Market
All comments and Stock Market Ananlysis are made by Guy Brumley. Guy has been trading the Stock Market daily since 1992.
Trading, evaluating stock prices and predictions
Stock Market Commentary 6-18-2009
The DOW traded in a one-hundred-point range, closing down 7 points.
The big news of the day was Federal Express announcing their earnings (actually loss) for the quarter ending May 31st, and lowering their forecast for the fist quarter 2010. Their statement was “This is the worst economic conditions in their company’s history, and the worst economy since the end of World War II”.
There is less and less to drive the indexes upward. We need earnings to grow the entire market, which equates to ending the recession. Otherwise, the stock selections are limited to young companies, or companies that are recovering from the beating that occurred in the last six months.
The market is not about investing, it is about speculating. Buy and Hold is dead.
The new high list has RVBD, CSKW, and UBET at the top. Some of the recent names, such as COMS, FUQI, PALM, are on pullbacks, where they can be bought, especially FUQI.
The biggest factor for making money in stocks is market direction. A rising market will bring 8 out of 10 stocks with it. Likewise, a declining market will take 8 of 10 down. It takes a very strong stock to make the new high list in a down market.
I would look for an up market on Thursday, hopefully lasting into the close.
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