[Weekend Summary]
Dear Member:
After descending from mid-May, it looks as though the markets may have turned the corner back up. The Dow 30 Industrials, Nasdaq and SP-500 each had follow through days yesterday when they were up on very strong volume. I am looking forward to next week because I think there may be some very attractive bullish trades available. I didn't do much today since we are entering what is essentially a 4 day holiday and the market could be a little more unpredicatble than usual with the annual rebalancing of the Russell indexes. As the day unfolded, the Dow, Naz and SP-500 were all down slightly, but on much lesser volume than yesterday.
As you know, I placed a stop loss order and was stopped out of my position in Alon USA Energy (ALJ) shortly thereafter. That turned out to be a pretty good trade since I made $1.92 a share before commission in only 9 days. That turned out to be a before commission return of 6.7%.
Waste Management (WMI) has looked fairly strong since it hit a bottom 10 days ago.
Nuveen Senior Income (NSL) that I bought primarily for income remains above my buy price and is moving sideways which is absolutely fine with me.
Trend Trader has had winners in 84.6% of trades closed since inception. Of the two open positions, WMI is down modestly and NSL is up a little.
Thank you for subscribing and have a safe and enjoyable 4th.
Bill
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