[Weekend Summary]
Dear Member:
Market direction next week may very well provide key information on whether or not the bearish retracement has run its' course or not. Referring to the big jumps Wednesday and Thursday, Investors Business Daily's "The Big Picture" today noted:
"Volume didn't swell as much as you might expect on such hefty gains.
....
That gave the market a feeling that it was feeding on a sugar rush rather than solid protein."
I quoted it because I couldn't have said it better. Today, I was sorely tempted to add Telefonos de Mexico (TMX), also know as Telmex, to my holdings, but decided to wait. Today was triple witching and a lot of "funny" things go on so I chose to do nothing and await the markets message Monday.
Waste Management (WMI)lost ground this week, but, quite significantly, held above both a daily and weekly support. If the markets are, indeed, turning back up, I like this position. Of course, I'm not far from taking a loss if the bear continues the rule it established in early May.
Nuveen Senior Income Fund (NSL) continues to spit out dividend payments as it moves sideways slightly above where I bought it.
I encourage your continued patience. As I've said so often in one way or another, stocks are much more likely to move up if the markets are trending up. Hopefully, we are about to see the upturn soon. It looks like it could be upon us, but only time will tell.
Thank you for subscribing and have a fantastic weekend.
Bill
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