After day one of trading as part of the Investopedia “Market Madness” challenge, my portfolio has grown to $50,989.15 (up $989.15 or %1.98). My strategy entering the Market Madness challenge will be comprised primarily of swing trading momentum stocks as well as quick, short-term earnings plays.
Today, January 23rd, marks the first full business day in office for President Trump. President Trump did not hesitate to utilize the power of the pen, signing off on a handful executive orders. Perhaps the most notable of his decisions was the long awaited, formal withdrawal of the US from the Trans-Pacific Partnership trade deal. The trade deal formerly held with 11 pacific-rim nations, was intended to promote economic growth and job retention. Many have seen this deal as harmful to the US economy and supported Trump on the campaign trail as he promised to nix the deal if elected. Other notable actions include the enactment of a freeze on federal employment (with the exception of the military). The President aims to make good on his campaign promise of shrinking the size of the federal government. With the week and the President’s term just getting started, expect a considerable amount of market volatility in the days ahead.
My earnings plays (all buy, hold, and sell at market open) will consist of Lockheed Martin ($LMT), Johnson and Johnson ($JNJ), and Alibaba ($BABA) for Tuesday. Wednesday I will be playing Boeing ($BA) and Progressive ($PGR). Thursday, I am looking for a beat from Bristol-Meyers Squibb Co ($BMY), Celgene Corp ($CELG), and Blackstone Group LP ($BX). Friday should bring good news from Abbvie ($ABV) and General Dynamics ($GD). Stay tuned for more updates and reflection on prior day’s trades.