Weekly Stock Market Update

Written By Becky Smith

This was a short week with light trading as will be next week. We had a few economic reports of which none moved the market too much one way or the other. New and existing home sales tumbled in November. Jobless claims surged.The U.S. Richmond Fed Index reached a new record low and the final U.S. 3rd quarter GDP was unrevised.

Next week there will be some economic reports released. Tuesday we’ll get Consumer Confidence numbers and the Chicago Purchasing Manager numbers for December. Wednesday we’ll get Initial Jobless Claims and Continuing claims. Friday we get the ISM manufacturing for December and ISM prices paid. Fridays ISM manufacturing number has the most importance to the markets.

Last week I had said to keep your eyes on the REITS (Real-estate Investment Trusts).  I had noticed many of the stocks in this sector starting to move up. This week ProLogis sold their Chinese unit for 1.3 Billion on Tuesday and on Wednesday was upgraded by Deutsche Securities to a buy and Wachovia to an outperform. This week it went from about $8.00 a share Monday to close Friday at $13.59. Some of the other stocks I was watching were DCT, BDN, BPO and LXP most of which had 10% plus moves over the week. Keep in mind I am a trader I am watching for sectors/stocks that I can trade. I am not recommending that you go out and buy these stocks, nor am I recommending them for a trade after their move last week. When one stock in a sector has good or bad news many of the other stocks in the sector move in sympathy with them. This is something you need to look for if you want to be a trader.

I wish you all a Happy and Prosperous New Year, and as always whether you are long or short may all of your trades be profitable!!

Becky

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