Greetings,
The markets slowly eroded away many stock positions on Friday as fears of continued higher oil prices struck again. In addition, uncertainty of the state of the economy also wieghed in on stocks. Despite an optimistic forecast by Intel on future sales and Fed chairman Allen Greenspan's positive words many stocks slid lower for the week.
Earlier in the week I opened a new position by purchasing shares of AAPL. My order was filled at $38.30 per share. I purchased these shares looking for a bounce up after it had declined rapidly nearly two dollars. Unfortunately, a report surfaced that indicated Microsoft has a new Internet software to download music causing the stock to stumble to just under $36.00 dollars per share. We'll see if this report has a long term effect or not hopefully by next week. As many other stocks declined over the week many of my positions followed. My current positions include CSCO, WMT, TEK, EBAY, YHOO, AAPL, and MSFT.
Next week many reports are due out and will be catalyst to move the markets. On Tuesday, the retail sales report will be disclosed and on Wednesday Business Inventories will reported. Thursday housing starts and jobless claims will be reported. Finally, on Friday the consumer sentiment report conducted monthly by the University of Michigan will also be reported. Unlike this past week the market will have some hard evidence and catalyst to spur it in one direction or another. As you know, the market reacts negatively to uncertainty.
I'll be looking at the early week market momentum for AAPL and my other positions to prepare for cost averaging if the direction is negative. I'll continue to be patient and see how it plays out.
Have a good week,
Anthony
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