Greetings,
The market once again ended the week on a positive note surging up to close higher on Friday. This surge has been generally attributed to general positive earnings news and more institutional buyers pouring money into the market. Semiconductors surged higher on news that the sector was ripe for a rebound. As a result, stocks like INTC and AMAT climbed upward on Friday allowing me to sell off my position in AMAT for a nice gain. I initially bought AMAT at $16.72 per share a couple of weeks ago and sold it for $17.14 per share for 42 cent gain. For a $16.00 stock that's a respectable return.
On other positive news, TEK climbed all the way back to near my cost average point and is poised to jump further into my profit range. Earlier in the week it climbed just above this point before falling back. With any positive movement it could be my next winner.
Dell reported earnings and beat the street's estimates by one penny, but a less than expected forecast knocked the stock down by more than a $1.50 per share closing just below $40.00 per share. I'll be watching this stock looking for a bottom so maybe I can catch a rebound.
BBBY fell into the $38.00 range before rising to close at $39.45 per share. I'm looking to possibly enter a position near $39.00 or just below.
MSFT and MOT closed below my buy in point by nearly 50 cents, too near to cost average just yet. WMT and CSCO are still trading near the low ends of their trading ranges. In time, I believe these stocks will move up out of these ranges. In the meantime, I'll be looking for other winning opportunities while I'm patiently waiting on these lagging stocks.
Have a great week,
Anthony
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