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Strategy Lab Open Week Twenty-One: A return to volatility
Investors continued to face choppy markets, scary economic news, and anxiety about this week's Fed meeting. And after seven months of rate cuts, the Federal Reserve decided that inflation was more of an issue than a possible recession leaving key interest rates unchanged at 2%. How will the market react to this news long term? Stay tuned.
Despite what economists have to say, plenty of people are worried about real estate, the price of oil and gasoline and inflation, as evidenced by a drop to a 16 year low in consumer confidence levels. Still, consumers aren't giving up on the stock market just yet, and neither should you. Our Strategy Lab Open stock pickers have found ways to make some pretty impressive profits since the competition kicked off in February - our top 25 stock pickers are up anywhere from 13% to 60% in that time period. Want to see how they're getting those gains? Take a look at the stocks on the move in Strategy Lab Open this week:
The five most widely held stocks in the competition remain unchanged, with Apple Computer (AAPL) in the top spot. A flurry of buying in Potash (POT) moved it past Google (GOOG) to take over second place. General Electric (GE) and Microsoft (MSFT) remained in fourth and fifth place.
Ultra short ETFs and energy stocks are where our stock pickers found profits last week. The UltraShort Financials ProShares ETF (SKF) was the most profitable stock in the competition last week, followed by Ford Motor Company (F), Chesapeake Energy Corp (CHK), the UltraShort Real Estate ProShares ETF (SRS) and oil services company Schlumberger Ltd. (SLB).
Two of our most widely held stocks - Apple and Google - also made our list of stocks that lost the most money for the week. They were joined on the list by Sirius Satellite Radio (SIRI), steel producer Gerdau S.A. (GGB) and Bank of America (BAC). Not sure if you should be buying or selling SIRI? Our bloggers have some pretty strong opinions on the company. Check out what they had to say in the Bull/Bear Report on Sirius.
What our stock pickers are buying and selling this week
The James River Coal Company (JRCC) led the list of most purchased stocks this week. As noted above, enough people added Potash to their portfolio to move it up one place on the most widely held list, which was also enough to put Potash on the most purchased list. Another basic materials and agricultural chemicals company, Agrium Inc (AGU), also made the list, as well as airlines Delta Airlines (DAL) and Continental (CAL).
Two of the most profitable stocks also made the most-sold list, perhaps due to profit taking. The UltraShort Financials ProShares ETF (SKF) and the UltraShort Real Estate ProShares ETF (SRS) were joined on the most sold list by the UltraShort QQQ ProShares ETF (QID). Wireless broadband provider Alvarion (ALVR) and advanced video surveillance company Digital Ally (DGLY) rounded out the list of most sold stocks.
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