[Weekend Summary]
Dear Member:
Each of the major averages was up for the week and was up on Friday. The weekly volume for each was a little below average. I would like to see a bullish confirmation with a big day up on high volume and that really hasn't happened yet. Meanwhile, the indices move up. The real question is whether this is another false rally and the lack of supporting volume gives some credence to that thinking. However, I am aware that it is summer vacation time when many traders are on vacation so the lack of supportive volume may be less significant than it seems. I did make a very successful short term bullish play in Trend Trader this week and that is the first time in almost 3 weeks that I had sent an alert in this service.
I bought Gardner Denver (GDI)on Wednesday for $32.61 and after it gapped up on the open on Thursday, I sold it for a $1.49 a share profit. It looks like GDI could provide another entry if it can break up through the downtrend line that began in May.
51 Job Inc (JOBS) continues to flat line in a base and as I said last week, that isn't necessarily bad. Stocks often form a strong base before making significant moves.
Nuveen Senior Income (NSL) is up almost two percent since my entry, and continues to pay monthly dividends at the annual rate close to 8% on today's closing price.
It is looking more like the market may make a bullish move and a break above the resistance where it closed today would go a long way to convincing me. Since it's inception in March, Trend Trader has had 80% winners and, of course, I'm very pleased with that performance. Obviously, it doesn't indicate future performance, but it does say I've been hitting for a good average during some pretty bearish times. My patience may be paying off more often if the bullish turn is for real.
Have a great weekend and thank you for subscribing.
Bill
|
