Yesterday I mentioned how I was moving in and out of the stock market, taking small profits when I have them. I sold some Etrade yesterday at $10.60 after it was up so big and now the stock is trading back down to $10.25/share...I'm not stepping back in to buy back the shares I sold yet as I'd like to wait to see if the stock trades back down below $10.
Sallie Mae (SLM), a stock I used to own, is getting crushed today and is down 9% so far. The reason is that President Obama is giving a speech tomorrow where he will address student loan reform legislation. Among one of the considerations that will be discussed, and the one that would most hurt Sallie Mae's loan portfolio, is a forgiveness program for individuals that have loans and live at or below the poverty line or individuals that work for the government. In light of the fact I used to own the stock, I've continued to watch it in case I wanted to buy back the shares I sold...as of this moment, I'm not touching it because I have no idea how what the President says will affect their loan portfolio.
As of 12:45, the markets are down over 1% and I'm not seeing a whole lot of opportunities to do anything, so as of now I'm just sitting on the sidelines..
