Greetings,
The markets closed Friday in positive territory primarily due to the University of Michigan's much higher than expected consumer confidence report. Despite climbing oil prices, near $60 dollars per barrel, the markets continued to steadily climb. Throughout the week various reports came in with positive news. The retail sales report was strong, as well as homebuilding, and oil stocks continue to rally on strong summer demand.
As the markets climbed this past week some of my positions regained some lost ground. My current positions include AAPL, EBAY, YHOO, WMT, TEK, CSCO, and MSFT. Both EBAY and AAPL rebounded nicely this week. WMT rallied on Tuesday's retail sales report to over $50.00 per share for the first time in months, but fell back to just under $49.00 per share at week's end. TEK is quietly climbing up closing on Friday near $24.50 per share. MSFT fell off this week to near the $25.00 level presenting a cost average opportunity again.
Next week various reports that will help shape the markets direction include the Leading Indicator report due out Monday morning, and on Thursday the weekly Jobless Claims report. The Existing home sales report will also be given on Thursday. On Friday, New Home Sales and Durable Goods reports will be given as well.
The hot sectors appear to continue to be oil and homebuilding. The long awaited bubble has yet to burst. Oil is back higher from $47.00 a few weeks ago to now near $60.00 per barrel, and this rise does not appear to be negatively affecting the rest of the market as it did before. With interest rate hikes slowing down and consumer confidence up mixed in with controlled inflation, the markets appear poised to climb to new levels. The Nasdaq has been unable to break above the 2100 level in recent months, maybe the time is right for a break out.
We'll see how the markets follow up to a relatively good week. I'll be looking to sell my AAPL position with another surge upward and if MSFT continues to retreat I'll attempt to cost average this position as well.
Have a good week,
Anthony
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