Weekly Stock Trader Update, September 21, 2009
The Week Ahead: The money market mutual fund guarantee by the government ended on September 18 while the FDIC and FHA are running out of funds and may tap large credit lines with the Treasury. Leading economic indicators from August are due on Monday. The FOMC begins a two day policy meeting on Tuesday concluding with an interest rate decision by Wednesday afternoon, The jobless claims figures and existing home sales arrive on Thursday. Durable goods orders and new home sales are released Friday.
Stocks to Watch: WR Grace & Co.(GRA) lifted strongly on the expectation that it will exceed previous forecasts for 2009 results as it pushes into price resistance in the mid 20's. Coventry Health Care (CVH) received a downgrade by Citigroup on a valuation basis having increased 50% this year. Zumiez inc. (ZUMZ), a clothing retailer, had strong back to school sales and received an upgrade by the Wedbush brokerage. Boston Private Financial Holdings (BPFH) closed on the sale of Gibraltar Bank & Trust for $93 million to a private investor.
Special Note: The FBI has announced they have been investigating Bank of America (BAC) for the past six months in regards to their purchase of Merrill Lynch on January 1 allegedly having failed to tell shareholders of Merrill's operating losses and large bonuses to executives. Some nervousness surrounds the Fed meetings this week as any signal of the unwinding of "quantitative easing" would hurt markets, especially since Chairman Bernanke believes the recession to be over.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc..
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NobleTrading Direct Access Trading
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Stocks to Watch: WR Grace & Co.(GRA) lifted strongly on the expectation that it will exceed previous forecasts for 2009 results as it pushes into price resistance in the mid 20's. Coventry Health Care (CVH) received a downgrade by Citigroup on a valuation basis having increased 50% this year. Zumiez inc. (ZUMZ), a clothing retailer, had strong back to school sales and received an upgrade by the Wedbush brokerage. Boston Private Financial Holdings (BPFH) closed on the sale of Gibraltar Bank & Trust for $93 million to a private investor.
Special Note: The FBI has announced they have been investigating Bank of America (BAC) for the past six months in regards to their purchase of Merrill Lynch on January 1 allegedly having failed to tell shareholders of Merrill's operating losses and large bonuses to executives. Some nervousness surrounds the Fed meetings this week as any signal of the unwinding of "quantitative easing" would hurt markets, especially since Chairman Bernanke believes the recession to be over.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc..
Click Here To Open An Account
NobleTrading Direct Access Trading
NobleTrading.com Offers Online Stock Trading, Online Options Trading
Online Futures Trading, Online Forex Trading
Worldwide Brokerage Service, Day Trading Brokerage
posted by NobleTrading at
9:50 AM
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