Dear Member:
Last week many stocks hit a glass ceiling despite a number of good earnings reports. Investors seem to get a little gun shy when they look at purchasing stocks when they are at or near their fifty-two week high. The markets nudged forward slightly for the week, but seem to be bracing for a fall back. As you know when stocks climb so high, so fast, everyone starts looking for a place to land. That's kind of the sentiment the market ended the week with. Concerns over inflation and rising interest rates surfaced again. In addition, some speculate that despite numerous good earnings reports the market will fall back because these good earnings reports have already been priced in. What will happen next week? Know one knows for sure, but when negative sentiment makes the weekend news and markets are at very high levels the psychology of the market may be leaning to a little bit of a sell off. Remember quality stocks handle these little pull backs the best. On the other hand, if we can break through this glass ceiling who knows how high this market can climb. What we do know is that this economy we are living in today is very healthy and vibrant.
Last week during one of the markets pull backs our alert service opened another position. We took this opportunity to buy PFE. In addition to this position we currently have five other positions open. They include MSFT, WMT, CSCO, DOW, and TEK. Energy continues to surge, even on days when the rest of the market pulls back energy remains strong. Last week as the markets sputtered near the top we couldn't gain enough ground to exit any of our positions. We'll be looking for exit points again or if there is a correction we'll be looking to take advantage by investing in quality stocks that become undervalued. Several key reports are due out next week including non-farm payroll numbers as well as numerous earnings reports once again. What effect positive reports will have on this market will be interesting to see. Hopefully, we'll get that chance.
Have a great week,
Success Trading Group Team
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