The market has been hot lately, and I love it. I sold my RIMM shares after the bump with their great earnings. I think RIMM is a great company but recent history has showed that many traders take their profits after the Research in Motions earning report and the stock then drops down to the $95-100 range. I don’t know that it will drop that far again this time, but I do plan to repurchase some RIMM shares on a dip and complete the cycle and sell again after RIMM reports earnings.
My other stocks I am watching closely are BLTA, CLR, and V. Baltia is a start-up airline, and yes a penny stock. They have not started flight operations but plan to do so this summer. I have been purchasing shares of this stock in hopes of a nice jump when Baltia does start flight operations. CLR, Continental Resources has climbed 40% since I bought it about four months ago. By far the best performer for me, and I don’t see it stopping anytime soon. I got in on the Visa IPO at around the $58 price; today it is trading around $65 give or take some change. I am planning on playing this long term; I do not see how Visa can do any worse than MasterCard.
As for how the market has been reacting lately, I think this is a nice short term bull run. We are not out of a recession yet and I will be watching and possibly taking profits. I do plan to stock up on some of my favorite stocks over the course of the summer in hopes that there is a strong fall/ winter 2008 and we start off 2009 with a nice bull trend. Other things on my mind: there are talks of a second stimulus package, we haven’t even received the checks for the first; value investors turning towards tech, tech appears to have a bright future mainly due to Asia technology growth; and today is the 75th anniversary since Prohibition ended.
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