Greetings,
Currently I have two open positions. They are INTC and CSCO. Both stocks ended the week on a high note. INTC closed at $23.69 and CSCO closed at $19.56. I made no trades this past week.
Being unsure how the market would shake out after the presidential election and stock prices being at higher levels than they've been in a while caused me to pause and not make any purchases last week. I want to feel comfortable entering new positions and confident that this post election bull market has legs. Apparently it seems that it does have big healthy legs. The market averages ended the week strong. I think this strength is based good corporate earnings reports, lower oil prices, and the bullish sentiment towards Bush being elected. It's very interesting that once the presidential election was determined, oil prices have steadily dropped. It makes you wonder if the price hike in oil was politically motivated.
Potential setbacks could be an increase in oil prices or missed earnings projections by HD or WMT. Both stocks are at very high prices right now for the year. I think it would be difficult for them to climb much higher if they have good numbers and forecasts. If they miss there numbers and projections are lowered either stock is positioned to take a good tumble. But this is a mini bull market right, so we expect only good things. I'll be sitting these two stocks out for the week.
Despite the higher than recent prices for the year I'll be looking for opportunities to enter this week. If we are truly in a bull market run until the end of the year I need to get money on the table. Hopefully, this run up will take INTC and CSCO to higher levels which I fully expect to happen in time.
Have a great week,
Anthony
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