[Weekend Summary]
Dear Member:
The bear keeps trudging forward. The major markets were down 4 of the last 5 days. Today, the Dow Industrials, Nasdaq, and SP-500 were all down. Oh, yeah, and it's August, too. August and September often fulfill expectations that they are bearish months so overall things aren't too exciting for the bulls. Geopolitical events and threats continue to cause concern and so far the market hasn't begun to climb the proverbial "wall of worry." Several of the Option Trader trades are doing well as a result of the general bearishness, but good bullish trades for Trend Trader and $10 and Under are hard to find.
As you know, I had to close a terrible trade this week. I got hammered when JOBS gapped down at the open Tuesday and just kept going. That trade is the second largest dollar per share loss I have taken since I started trading for my livlihood. Check out the Newsletter this weekend for my detailed thoughts on the trade and what I learned.
At least the Nuveen Senior Income (NSL) has continued its steady if slow march up spinning off monthly income as it goes.
I am pretty negative on market direction right now. Not only are we in the summer doldrums, but there doesn't seem to be much that is bright on the horizon. Growth is slowing and in spite of the Fed rate reduction last week there is still concern over additional rate hikes.
I am looking for bullish candidates every day, but I recognize that unless I find something I really like, I am better off in cash for the short term at least.
Have a great weekend.
Bill
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