[Weekend Summary]
Dear Member:
The continuing strengths of the markets is amazing. Economic news continues to be excellent. The Dow keeps hammering out new highs and on even higher volume Friday. The NASDAQ, and SP500 are also holding right in there. The only suggestions I see of a potential downturn were Friday's Japanese candlestick formations on the NASDAQ and S&P 500. However, those formations have not been completed, and, without confirmation do not yet mean anything. There has been a slight upturn in volatilities, which could be an early suggestion of reversal and the survey of advisers was extremely bullish, which often can be a contrarian indicator. While the markets will turn down some time, we don't know when some time will be. I am approaching my bullish positions (which are in the great majority right now) with my finger on the trigger so that I can get out quickly in the event of a downturn.
Friday was expiration day and Thanksgiving is next week. Nothing particularly surprising occurred today, and we can expect lighter volume next week with the arrival of a holiday.
I closed to positions this week; one in Sanmina(SANM)and the other in Finisar (FNSR). The Finisar trade yielded a gain of 5.6% in 11 days and the Sanmina trade garnered 8.7% in five weeks (both before commissions). I was fortunate to get out of the Sanmina trade before Friday when it dove 9.5%.
I entered a new position in Omni Energy Services (OMNI), which remained flat, but above the 50 day moving average.
Blackrock Senior Hi Income Fund (ARK)is above my entry point and is yielding around a 9% annually. It announced a monthly dividend payment for November 30 to holders of record on November 14.
Emcore (EMKR) was up a bit for the week, and Denny's (DENN) had a fairly strong move. Commontouch Software (CTCH) was up about 10% for the week. Taiwan Semiconductor (TSM) was also up for the week and is above my entry point. Mindspeed (MSPD) was flat.
Have a wonderful Thanksgiving,
Bill
|
