Saturday, January 22, 2005

Friday's Action

I'm not a big fan of earnings season. From everything I read, the best strategy is to weather the storm and then pick up stocks that have been overbought/oversold. The last move I made was pick up a small lot of Xenova Group, which has not been doing anything so far. I wouldn't be surprised to see this tiny biotech shrivel to .95 cents--there doesn't seem to be either enough news or large enough a float to trigger a move anytime soon. We'll have to wait until some of their phase three trial drugs pass the tests. Here's what happened Friday:
[BRIEFING.COM] The market opened on an upbeat note, in the wake of strong quarterly earnings, only to be bullied by the bears as the indices closed at new lows for the third straight day... With regards to earnings - good, better, best was still no match for the cautious sentiment that has so firmly rooted itself in a market that has left the major averages in negative territory week after week in 2005... Not even record results from the country's largest company - General Electric (GE 35.25 -0.12) - could hold early buying interest into the close of trading. But even though roughly 80% of the more than 100 S&P 500 components reporting earnings so far have either met or exceeded analysts' forecasts, the lack of follow through from buyers has remained a reality as even much of today's tenuous buying efforts were arguably prompted by short covering... Virtually every sector finished lower Friday...

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