[Getting Ready for Labor Day Weekend/Placing Stops, etc.]
Dear Member:
Labor Day, a major holiday weekend is fast approaching and many if not most of the major players are leaving town. The markets are showing some strength, but on well below average volume which is to be expected at this time of year. I would not be surprised to see a rally going into the fall. I wanted to let you know that I will be taking a short vacation from tomorrow morning through next Wednesday. I won't be near a computer so there won't be a Weekend Summary this coming weekend. I did want to let you know the orders I will be placing today to attempt to protect my positions in my absence.
I closed out my position on Iamgold (IAG) this morning as set out in the earlier alert.
Nuveen Senior Income Fund (NSL) has been treating me well so I am giving it some latitude, but since it continues above my buy point in addition to having thrown me some income, I am setting a sell order in the event it closes below the 200 day moving average. As of now, a close below $8.15 will take me out. If that should occur, the position will have enjoyed a before commission profit of over 4% including dividends already received.
Clear Channel Communications (CCU) is doing well since my entry. I would now move my stop up from $27.50 to a stop at $28.20. That should reduce the potential loss by about $0.70 if the stock turns abruptly down, but so far, it remains in profitable territory.
In the event I don't send any other alerts today, I hope you have a great holiday weekend.
Bill
|
