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[Weekend Summary]
Dear Member:
All was looking pretty bullish until the 4th of July and the North Korean missile launching activities. Now, we're back to uncertainty and reservation in entering too many bullish positions. The indices turned back down again on Friday with the Nasdaq and Dow 30 retreating back to the uptrend line. The good news for the bulls is that the short term trend that began in mid-June was not broken -- yet. The SP-500 also dropped, but not to the uptrend line so far.
I did enter one play this week, buying a small position in 51job Inc Ads (JOBS). Of course, the stock suffered a big drop today. Information indicates that the company is fundamentally sound, and my entry was tied to the weekly chart which still looks ok to me. It is at a significant crossroad where the weekly uptrend is crossing a horizontal price support. The stock remains above both lines so I'm sticking with it until it breaks down through the uptrend line.
Waste Management (WMI) is in a similar technical position and, in addition, is compressing into a pennant. The only thing I can say for sure is that it looks like it is going to break out in one direction or the other. I don't pretend to know which way, but hurrah if it breaks up and good-bye if it breaks down. I should know pretty soon.
Meanwhile, Nuveen Senior Income (NSL) that I bought for stream of income continues to pay dividends and is moving sideways still above my buy point.
Once again, the markets have fallen into uncertainty so I'll be very wary about entering any new bullish positions.
Have a super weekend and thanks for your subscription.
Bill
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