It's been an interresting week in the markets. After the greek debauchle resurfaced and fears of a China slowdown sent investors running for treasury bills early in the week, the bulls came back out and sent the market into it's best 4 day rally of the year to round out the week way up. Even oil finished up for the week for the first time in 6 weeks.
Bank of America ( BAC ) saw some large swings Friday. I had it set to buy 1000 shares at 7.25 and sell at 7.50, and it hit both marks within just a couple of hours. I'll take swing trading like that all day long. But I think the current price of $7.56 is going to have a hard time going up next week and it's really too risky to hold at that price over this weekend. For one there's the strong possibility of a credit downgrade sometime next week, in addition important info will be coming out about the european situation that could have large ramifications for BAC stock. If it's good news the stock could see a good rally Monday, but if it's bad news the stock could be cirlcling the gutter all week.
I've been watching Tri-Valley Corporation ( TIV ) for a while now, ever since they were notified by AMEX of noncompliance in the area of shareholder equity and were given until the end of the month to file a compliance plan. The volume on this stock is good so I was thinking that as long as they did file that plan that the stock would at least double on the rebound, but they didn't file it at all and said they would instead delist. Despite that blow the stock has largely held steady at around 7.5-8 cents a share. Personally I wouldn't give a nickel per share for it at this point. If anyone can figure out why it's been trading for as much as it has been since that news broke, you're probably better at analyzing stocks than I am. Nevertheless, it looks like it's finally starting to drop in price. If the price reaches a penny per share next week, I might be tempted to buy at that point, even if they are delisted but I wouldn't put more than $100 into it and I'd be looking to turn it around as quickly as possible and resell for $0.015 or 2 cents a share.
Alcoa Aluminum ( AA ) just flat got ignored by the market Friday. Volume was down and the price was relatively flat. Here's the thing, I think this is a great buy right now for both the short and medium terms. I think it could see a good 4-5% bump Monday if the news out of Europe is good, and even if the news is bad, the low energy prices for the past five weeks which rounded out Q2 will have lowered costs so I think the next earnings report will show higher profits that I think will translate into hitting better than $10 / share.
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