Have no Feeling on Where the Market is Going to go Next Week
I covered my short position on Wells Fargo but I covered it a little too early at $25.20. So my account is up about $200 if I am not going to do further trade today. I don’t feel I can spot any good deal today and I am wondering what will happen next week. I just don’t have any feeling to long or short any stock at this moment.
The Michigan consumer sentiment index is not a very good reading by the market.
“Consumer confidence rose in early May as consumers became increasingly convinced that the economy is in its final stages of contraction, and paradoxically, that their personal finances would remain dismal and keep their spending at reduced levels for the foreseeable future,” the Reuters/University of Michigan Surveys of Consumers said in a statement.”
If consumer keep their spending at reduced levels for the foreseeable future economic will not grow. That probably why the Dow was pulled into negative territory after it was up about 50 points this morning. However if it went down far enough it will create buying opportunity. Nevertheless many statistic reading indicated that if the economy is not going to grow it is indeed stabilized. I set up a buy order of 500 share USB at $17.50. Will see what happen
Added at 2:00 pm PST
It turn out that the order was executed and I sold the 500 share in after market at 17.75, net $80 more after transaction fee. So my gain today is $314.79. I feel better not holding anything if I don’t have a strong feeling where is market is heading on next Monday.
Account Balance Change: +314.79
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