Greetings,
Currently I have seven positions open. They include MSFT, CSCO, TEK, EBAY, YHOO, CSCO, and WMT. This past week the markets had a late week sell off with a small rebound on Friday. With the long holiday weekend ahead and the Federal Reserve meeting occurring late last Thursday, it may be that many traders took off early for the weekend contributing to the drag down of many stocks. In addition, the Federal Reserve gave no indication that a slowing of interest rate hikes is in the plan for the future which was interpreted as negative news. Many stocks ended the week at very low levels suggesting that the market may be over sold, only time will tell. Some good news to end the week on was the University of Michigan's Consumer confidence report came in better than expected indicating that the consumers will be spending money to fuel the economy on.
During this past week's sell off I cost averaged my position in YHOO. I placed an order to double the amount of shares of my original position. My buy order was filled at $ 34.70. My original position cost was $38.39 making my new averaged down cost at $36.55.
I'm still looking for an opportunity to cost average my position in MSFT, which I may possibly do this coming week. Oil closed higher on Friday which in recent days has pulled stocks back, but had little effect on stocks on Friday. With the new quarter starting and stocks recent pullback surely a rebound is near. I will be patiently holding my positions during these difficult days looking for a rebound in order to exit some of these positions.
Have a great weekend,
Anthony
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