This past week was somewhat uninteresting until Friday. Here’s a quick recap:
- Thursday (9/6): Apple (AAPL) released the new iTouch as well as slashing prices on their current iPods and iPhone. Apple’s stock sank 5 points on the news primarily as a result of the iPhone’s price cut. Investors felt the iPhone wasn’t living up to the hype and adjusted the stock’s price accordingly.
- Friday (9/7): Apple (AAPL) released a statement dubbed the “iSorry” giving all iPhone buyers who purchased their handsets without rebates a $100 gift certificate for use on any Apple product. Apple’s stock sank another few points on the news that the $100 rebate would result in a loss of $100 million in sales. However, the $100 gift certificates would result in about 1 million Apple purchases. Apple’s stock may be prepared for a rebound next week so keep an eye out. The jobs report was released on Friday as well resulting in a 240+ point loss due to an unexpected loss in jobs across the country. The report gives the possibility of a FOMC rate cut happening next week. The question now becomes whether the rate cut will be a 25 or 50 basis point cut.
- Current Portfolio Value: $1,613.05
- Profit (Loss) as of September 9, 2007: -$28.42
- Profit (Loss) as of September 3, 2007: -$126.14
- Profit (Loss) as of August 26, 2007: -$130.76
- Profit (Loss) as of August 23, 2007: -$117.15
This week went well. I had some XTO Sept 60 calls in place in the event natural gas would spike as a result of the hurricanes nearing the U.S. XTO’s price spiked just enough to cash those calls out before XTO’s price dropped in yesterday’s horrible action. My portfolio’s in place next week for a nice rebound, including a couple of calls on EMC. Should the calls pan out, I’ll expect my portfolio to go into the black by the end of the week. Let’s hope! Have a great week making money!
It really is chaotic to see the market behaving in such a wild fashion lately. I somewhat concerned about the hints of a recession coming – as the subprime may leak into the overall economy.
Comment by Spanish Joe — Sunday, September 9, 2007 @ 6:19 pm
Some people think we’re in a recession already. Even if the Fed cuts rates, I think it takes about 6 months for it to run its course in the system which may be too late. It’ll be curious to see what the Fed does this week if they call for a rate cut early or if they wait until next Tuesday during their meeting.
Comment by Jorge — Sunday, September 9, 2007 @ 6:53 pm
Market is really wild lately indeed.
Comment by Warhammer — Tuesday, September 11, 2007 @ 2:59 pm
It has been. Monday was extremely slow.. very little action. Yesterday was nice. I enjoyed the tech bounce. As a result, I have a special Portfolio Progress coming up. First time I’ve turned a profit in the market. That’s huge for a newbie hah!
Comment by Jorge — Wednesday, September 12, 2007 @ 4:12 am
This is my first time i go post. I collected so many interesting things in your site especially its discussion. From the tons of comments on your posts, I guess I am not the only one having all the enjoyment here! keep up the good work.Regards One may ask, why does bar interior design matter, anyway? People are just going out to have a couple of drinks.
Comment by Claire Shelburne — Tuesday, September 21, 2010 @ 2:52 am