Greg Pack
Wash Weenie
OK, I'll try and keep this non-political:
I think we have not seen the bottom of the market just yet. But assuming the economic summit produces something the market will like I think we're gonna see a helluva dead-cat bounce in the next few weeks.
Expecting a bounce Friday, I bought small quantities of GM, Ford, Chesapeake Energy, Regions Financial, and S&P Ultra Index (ticker SSO) on Thursday near the close. Friday I took a beating on most of my purchases except RF. I sold Chesapeake after hours Friday for a profit of about 2.00/share.
For longer term capital: muni bonds are on sale. If I can convince myself that the world is not going to come to an end I could buy into a fund such as IQI, Morgan Stanley Quality municipal Income and get a 10% tax-free dividend. Once the smoke clears from this past week's implosion I think retirees will be looking for options that pay higher rates than CDs but are still considered relatively safe and might find their way back into this fund and drive the price back up. Any thoughts on that? There are also some good rates on dividend paying preferred securities of utility companies right now driving yields up into the 8% range.
I'm anxiously nervous about what next couple of weeks brings. If I'm wrong I'll have to hitchhike to the ICA meeting in the Spring.
Any thoughts? What are you guys looking at?
(This is my disclaimer that I'm not a professional and couldn't make a living trading if I tried and might as well be betting on red or black on the roulette wheel in Vegas, where at least the drinks are free and cleavage is plentiful)
I think we have not seen the bottom of the market just yet. But assuming the economic summit produces something the market will like I think we're gonna see a helluva dead-cat bounce in the next few weeks.
Expecting a bounce Friday, I bought small quantities of GM, Ford, Chesapeake Energy, Regions Financial, and S&P Ultra Index (ticker SSO) on Thursday near the close. Friday I took a beating on most of my purchases except RF. I sold Chesapeake after hours Friday for a profit of about 2.00/share.
For longer term capital: muni bonds are on sale. If I can convince myself that the world is not going to come to an end I could buy into a fund such as IQI, Morgan Stanley Quality municipal Income and get a 10% tax-free dividend. Once the smoke clears from this past week's implosion I think retirees will be looking for options that pay higher rates than CDs but are still considered relatively safe and might find their way back into this fund and drive the price back up. Any thoughts on that? There are also some good rates on dividend paying preferred securities of utility companies right now driving yields up into the 8% range.
I'm anxiously nervous about what next couple of weeks brings. If I'm wrong I'll have to hitchhike to the ICA meeting in the Spring.
Any thoughts? What are you guys looking at?
(This is my disclaimer that I'm not a professional and couldn't make a living trading if I tried and might as well be betting on red or black on the roulette wheel in Vegas, where at least the drinks are free and cleavage is plentiful)