Greetings,
Currently I have four open positions. They include INTC, CSCO, ORCL, and LU. I sold one position for a winner this past week. I sold my WMT position at $53.20 per share. Initially, I bought it at $52.45 per share resulting in a gain of 75 cents per share.
In addition, I cost averaged my ORCL position by buying more shares at $9.95 per share. Initially, I bought into the position at $11.20 per share. My new cost basis is $10.58 per share.
The tech sector took another hit this week by INTC's announcement of lower third quarter numbers knocking many tech stocks back.
Last week I noted the stock IBOC looked to be a very good potential buy. The stock dipped recently on IBOC's acquisition of another bank. IBOC paid mostly cash and some stock resulting in a sell-off of the stock. The stock closed up for the week at $34.65. I like this stock as a long term play.
Next week will be a short week due to the Labor Day holiday. It will be interesting to see how the market reacts next week. Automakers are reporting a reduction in planned production. The Republican convention ended without incident. Oil is still a major factor, OPEC reported a potential reduction in production which is interpreted as a potential drop in price is coming, thus OPEC is cutting production to support the price which is supposed to be good news?
I'll be looking for more opportunities next week and a potential rebound in the tech sector. We'll see.
Have a great week,
Anthony
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