Hey readers,
As expected we saw the markets drift upward today, however we could very well give it back tomorrow. We got a few pieces of information today which could affect the markets negatively tomorrow. First off the dollar is the weakest it has been vs. the euro so far this year. Now depending what kind of stocks you are looking at this could be a good or bad thing. The second piece of information was news that consumer credit fell by a record 21.6 billion last month. People are spending less, trying to get by in these tough economic times, this may help in their own personal finances, however they do not help the businesses who count on those dollars being spent to get by each month.
Yesterday I introduced you to a company called Spectrum pharmaceuticals Inc, this company recently got an FDA approval to expand the label on one of its drugs. However at the same time the company got hit by a down-grade which sent the stock screaming lower today, down over 16% at one point in the day. However I think now may be the time to get into this stock and ride the wave back up. I expect a rebound in this stocks price tomorrow and think it could be a great opportunity to make some nice profits. I don’t want simply jump in blind however; before I buy I want to see some upward momentum by the stock. As soon as you see that momentum you have the green light from me to buy the stock and make some money!
I’m in this game to make the big bucks, I hope you are too!
– Leverington 9
