[Weekend Summary]
Dear Member:
Though I remain unconvinced that the market has finished its' correction, I did add a small position in Alon USA Energy (ALJ). ALJ is a strong company (that doesn't always mean a strong stock)that has moved through a resistance and reestablished a double bottom support.
Waste Management (WMI) held steady for the week and Nuveen Senior Income (NSL) remains above my buy point and is throwing off a dividend that is just above 8% on my investment.
While the markets some hope on Wednesday for a follow through from last week, it hasn't really materialized. In fact, at least most of Wednesday's gains were given back Thursday and Friday. If the retreat continues, I could definitely see the Nasdaq dropping below 2050 to October's lows. Ditto for the DJ 30 (possibly to 10250) and the SP-500 (perhaps the 1180) level. The upturn may be coming, but it isn't here yet.
Have a good weekend anyway. When the markets start back up there should be plenty of opportunity.
Bill
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