Greetings,
Currently, I have five open positions. They include DELL, CSCO, INTC, GIS and QLGC. The market didn't cooperate with me last week. Most of my stocks took a slide down with the rest of the market and, therefore, I did not sell any of my of my positions for winners.
Some of you may have sold of QLGC when I signaled that I was going to sell my position at $30.15 per share. Unfortunately, I did not get filled. Before I sent the sell signal the price was well above the $30.15 and then sharply fell below the mark right as I sent the signal. Later in the day it rose again, but just falling short closing at $30.12 per share. By the next day Merrill Lynch downgraded the stock because of limited upside potential causing the stock to fall sharply over two dollars, even though QLGC reported good earnings and a decent forecast. That's the way the market works, sometimes your timing is good and it works for you and other times it works against you. On Friday QLGC rose back slightly possibly showing a resistance level.
The market took it on the chin again due to continued rising oil prices and negative interpretations of some earnings reports making it a difficult environment to trade in this past week. Many stocks got beat up last week, however, INTC made positive gains earlier in the week only to slide back with the rest of the market by week's end. Generally, corporate earnings reports seem to have been positive overall and we continue to see inflation and unemployment under control. What's killing the market from making a run up is the price of oil; the war in Iraq; the elections; and potential terrorist attacks before the election of our President. A lot of uncertainty is in the air. Potentially, after we elect the President, some of this uncertainty will be gone and the market will rally. Only time will tell. In the meantime, I'm going to continue to find some opportunities to cash in on. As you know, more quarterly reports will be flowing in, but what we need is some weakness in the price of oil to rally today's market.
Have a great week,
Anthony
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