Market Update 7-2-12

The market tried to continue the momentum from Friday but got stalled after bad manufacturing data came into the mix at around 10:15am.  I took a position in WMT and GE early but got hammered after the data came out.  This is one of those lessons to wait for the market to absorb the morning news and then trade after 10:30am.  I got too confident after taking my profits on Friday.  I was however saved by my ATT trade that continued to roar higher.  Not all was lost.  Let’s see how things go tomorrow.  I’m not too worried because the technicals on GE look too good for it to reverse the that up trend it’s in, and WMT has always grinded higher after pulling back to a support level.  Some analysts have put a $79 price target on WMT so things should pop up this week.

If you took a trade in DG, TWX, CMCSA, or FDO from off my “Stocks to Watch” list, then you had a good day today.  Those stocks didn’t even flinch after the bad manufacturing data.  The other stocks on my list didn’t do too bad they just went back to break even.  

I meant to write about another speculative stock that I read up late last night after I shut down my blog and it was a monster of a play today.  It was only trading around $1.43 yesterday but went up to $1.56 today.  Nova Mining (NVMN).  They mine lithium.  Now of course you mind is already thinking.  Yes lithium is in every battery that we are using from cars, computers, smartphones and tablets.  This company is in talks with Apple who is trying to lock in supplies at a low price.  This is a strategic move on Apple to keep their costs low and profit margins high.  Check the link to the article below. As a side note it was also mentioned that Apple may be looking at Tesla Motors.  That would really make things interesting.

http://finance.yahoo.com/news/nvmn-buzz-aapl-possibly-buying-124000958.html