The Pullback Has Begun!
May 12, 2009 by Hot Stocks To Buy
As expected the stock market is starting a correction today. The markets ended at the day’s low and looks to open lower on Tuesday. Since our recommendation to sell banks on Thursday May 7th, 2009, it looks like several news agency are jumping on the bandwagon. We have a few links listed below to stories that are of interest.
- Jeff Cox, CNBC.COM Stock Pullbacks Then and Now: Is History About to Repeat Itself?
- I Would Not Own Bank Stocks: Meredith Whitney “At a core basis, I would not own these stocks, “Whitney said in a live interview on CNBC. ”Their business models are not going to come back.”
- New York Times - Citigroup: TARP Loans Near $45 Billion Mark
Today’s pullback seems limited to the Dow and financials. We expect to see a correction in the other industries also in the near term. We are expecting to see atleast another 150 to 250 point loss on the DOW and approximately 50 to 80 points on the NASDAQ.
We will be watching the market carefully on Tuesday and will consider taking some profits on the stocks we have recommended previously if “Panic Mode” hits the stock market. There are no stock picks today as the market is looking bearish at the moment. After Tuesday’s close, we will reevaluate and consider adding additional stock picks.
We wish you luck on your investments and as always do your own research prior to purchasing or selling a stock. We make recommendations based on our own research and this site is solely for the purpose of entertainment reading. Thank you for visiting Hot Stocks to Buy.
Hi there, Thursday 5/14 after wed -184 points rebound to highest +90 but bearish came at closing to +46. Do you think we are still going up from here ? 5/11-5/13 was it just a heathly profit taking pullback? are we still on bullish working the way out to 8800 ? we are the middle dont know should short or should long. i have some long positions from stress test week still havent get out and now losing $, dont know should i cut lose or should hold it. worry now
It’s a good idea to be cautious as the government is doing everything in their power to keep this market up. Our last posting from last night shows our opinion on which direction the market will be heading. It’s funny, we pretty much nailed it on the button with today’s action. Good luck to you.