Weekly Trader Newsletter, June 8, 2009
The Week Ahead: Unemployment reached a 26 year high to 9.4% while the Dow and S&P 500 hit 11 out of 13 weeks to the upside. Wholesale trade inventories will be announced on Tuesday. Trade balance figures and the Federal Reserve Beige Book of economic activity is released Wednesday. Retail sales and business inventories is due by Thursday while import price data and the University of Michigan's Confidence Index comes out Friday.
Stocks to Watch: The shares of Jackson Hewitt (JTX) have more than doubled since March after the former head of H&R Block was named the CEO. Rio Tinto (RTP) cancelled the Chinalco deal and launched an iron-ore joint venture with BHP Billiton (BBL) instead, but will need to sell 15 billion in common stock to slash debt. The FDA approved the over-the counter use of Palomar Medical Technologies' (PMTI) home wrinkle removal laser which could add $12-40 million in annual revenues.
Special Note: Two changes to the Dow Jones Industrial Average will take place on Monday. Cisco Systems (CSCO) replaces shares of General Motors which increases the technology weighting to 18.4% for the Dow. Travelers Companies (TRV), the property and casualty insurer will replace CitiGroup (C ) which was its former parent company. It is hoped these two replacements will help stabilize the price volatility of the Dow but only time will tell.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
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NobleTrading Direct Access Trading
NobleTrading.com Offers Online Stock Trading, Online Options Trading
Online Futures Trading, Online Forex Trading
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Stocks to Watch: The shares of Jackson Hewitt (JTX) have more than doubled since March after the former head of H&R Block was named the CEO. Rio Tinto (RTP) cancelled the Chinalco deal and launched an iron-ore joint venture with BHP Billiton (BBL) instead, but will need to sell 15 billion in common stock to slash debt. The FDA approved the over-the counter use of Palomar Medical Technologies' (PMTI) home wrinkle removal laser which could add $12-40 million in annual revenues.
Special Note: Two changes to the Dow Jones Industrial Average will take place on Monday. Cisco Systems (CSCO) replaces shares of General Motors which increases the technology weighting to 18.4% for the Dow. Travelers Companies (TRV), the property and casualty insurer will replace CitiGroup (C ) which was its former parent company. It is hoped these two replacements will help stabilize the price volatility of the Dow but only time will tell.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
Click Here To Open An Account
NobleTrading Direct Access Trading
NobleTrading.com Offers Online Stock Trading, Online Options Trading
Online Futures Trading, Online Forex Trading
Worldwide Brokerage Service, Day Trading Brokerage
posted by Daniel Pipitone at
7:10 AM
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