Greetings,
It was another wild ride this past week on Wall Street with the market going from one extreme to another and back. Without a strong catalyst or market direction this roller coaster pattern should be no surprise. As the market was testing new lows for the year on Wednesday, the bulls were gearing up for Thursday rally, but only for one day. On Friday, the bears returned to end the week on a down note. Maybe we can extract one very critical point from this market behavior and that is when the DOW fell to the 10,000 point mark it reacted wildly with a positive bounce indicating a bottom. We'll see if and when the market tests the 10,000 mark again.
During all this turbulence I was able to make a couple of trades. On Tuesday, I took the opportunity of a negative market to purchase more DELL to cost average my position. I bought more shares at $35.67, bring my new cost to $36.99. On Thursday, while the bulls were charging, I sold my MOT position at $15.92 per share. This sale closed the position with a modest gain of just under thirty cents per share. My cost average on the stock was $15.63 per share.
On Friday, the market slid on news of nuclear weapons testing by N. Korea, poor earnings news, and surging oil prices. Not to mention, profit taking from the previous day's rally. As a result, all my positions slid and ended the week lower. WMT was especially negatively effected by Costco's warning.
What will next week bring? A mixed bag of earnings are expected to move the market one way or the other. MSFT reports on Thursday. DELL came very close to breaking above my break even point on Thursday and with another mini-rally I may be able to close this position as well. I'm still looking to cost average my MSFT position as well. Brace yourself this could be another exciting week.
Have a good week,
Anthony
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