Markets rebound – quick profit

10 May

As I mentioned the other day – I bought some shares in an ETF.  This morning the DOW jumped around 400 points at one time.  I caught the tip of the morning rebound and sold my FAS shares at a 13% gain.

The EU agreed to a $955 billion bail out plan for Greece and other Euro-Zone economies in trouble.  This coupled with the huge downturn on Thursday and Friday created lots of opportunities for quick profit today (assuming you bought something on Thursday or Friday).  Now it usually isn’t my nature to make such short-term trades, but as I mentioned in my last post, I felt really confident there would be a financial bounce back this week.  The bounceback arrived much earlier and was much stronger than I expected, but I’m not complaining.

In other news this morning, Obama appointed Elena Kagan, once Dean of the Harvard Law School, to the supreme court to replace retiring justice John Paul Stevens.  She is considered an academic and has never served on a court before.  Obama is excited about her people skills and track record for bridging party lines to solve legal issues.  Obama hopes that her nomination will be approved quickly so she can begin her job in the Fall session.

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