When I first saw that number I immediately thought about a Boeing 777 but after checking more closely I knew it was something more expensive. Sure enough the market was down a whooping 777 points and just like that my account was down a whooping $693 dollars and I am sure that my 403-B didn’t fare any better. When Monday morning time came I checked the news and read that the $700 billion was going to be voted on and I figure that it would pass and the market would reach positively to that but next thing  I know I am down a bunch and there was nothing I could have done by then, all I could say at that point was, “look, there go my last week’s gain.” The only good news right now is that Visa (V) sure looks very tasty and I still have $1,000 dollars in my savings account.

It was a good week for me and it was about time if you ask me. After writing and thinking about it I finally went ahead and made a move and it paid off nicely. My account was up $200.02 for the week thanks to my Bank of America (BAC) and JP Morgan (JPM) shares. I am hoping that since news that the $700 billion bailout will be heading to the house and put up to a vote today the market will react positively to that but you can never be sure about anything so I am going to keep an eye on the market today just to be safe.

I had two trades last week.

I also transferred $3,000.00 dollars into my account.

I bought 37 shares of Bank of America (BAC) and 38 shares of JP Morgan (JPM) on 9/25/08. These two are in the Financial sector.

My investments look like this now, 8 Visa (V) shares, 10 Ford (F) shares, 10 Marvel (MVL) shares, 10 International Coal (ICO) shares, 10 Star Bulk Carriers (SBLK) shares, 40 JPMorgan (JPM) shares, 40 Bank of America (BAC) shares and 70 National Bank of Greece (NBG) shares.

I start this week with a total account value of $5,200.44

Hey there good morning from the City of Angels, the time is 6:40am as I write this. Was just checking my account and the market is down but for some strange reason my sell orders were not triggered, I am going to have to check on that but I am sure that I did something wrong. Anyway, when the sell orders didn’t trigger I just canceled them and now I am just keeping four eyes on the market. Right now things are not as bad as I thought they were going to be and that is good, have a great weekend and I will see you Monday.

I wrote about it, and thought about it and yesterday I did something about it. I borrowed $3,000.00 dollars from my friend ( I can repay whenever I can with no interest) and bought 38 shares of JP Morgan (JPM) and 37 shares of Bank of America (BAC) and now I own 40 shares of each. I made a nice profit as I was expecting but now I have a decision to make. Since no agreement was reached on the $700 billion bailout things might go down today. I am going to put a sell limit order for $43.00  dollars for JP Morgan (JPM) and $34.00 for Bank of America (BAC) just to be on the safe side. If the market starts to go down then the sell orders will be triggered, I will take my profit and wait to buy again at a lower price, makes sense huh. If the market heads the other way then I have nothing to worry about. We’ll soon find out if I made the right decision.

In my blind pursuit of more Visa (V) shares I sure didn’t pay attention to what was happening and is happening right under my nose. As you know I own 3 shares of Bank of America (BAC) and 2 shares of JP Morgan (JPM) and for the longest time I’ve wanted to get rid of them because I simply don’t own enough of them to make a difference, or so I thought.

But it finally hit me, banks are going through a lot and as a result there is a lot of volatility with their stocks. They have been having wild swings, up a bunch one day and down a bunch the next and I am just missing an opportunity to make a buck, yes I am in it to make a buck just like everybody else, with these stocks.

My plan, and that is all it is right now, is very simple. Buy one or both stocks preferably when they are low of course and wait for a wild swing and sell when they are high, simple indeed. It seems that these two ugly ducklings that I have bad mouthed before are not that at all, they are diamonds in the rough just waiting for me and you to make some money out of them. Now all I need is some extra cash and believe me the more I think about it the more I want to do it.