RawGreed Market Recap and Direction

Posted on October 24, 2005 , filed under Stocks | Print This Post

We ended the day on a strong note and the market closed up. Oil appears to be down and will likely drop further before a rebound is in sight.

Today:

DJ Indu 10,385.00 169.78
Nasdaq Comp 2,115.83 33.62
S&P 500 1,199.38 19.79

Today:

Baidu is the primary catalyst driving my portfolio down. I will continue to wait and see what happens after Wednesday’s earnings report. I continue to believe that the company is trading mainly on speculation and greed over the potential of China. Baidu is also basking in the afterglow of Google’s strong earnings report. If BIDU trades in the $100 range I will short additional shares of the company. The lower prices in oil have added some momentary stability to the market, but investors are cautious over global bird flu worries and additional, possible, FED rate increases this year.

Tomorrow’s forecast:

5 day forecast – What I’m watching out for:

I expect the market to stay strong with a possible dip as investors take profits in the middle to the end of the week. I expect gold to reach $470, oil to drop and airlines to go up. I see Asia Pacific airlines, like Cathay Pacific and Japan Airlines, to go down over bird flu and tourism concerns.

Add this post to your favorite social networking site