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 got in and out of Armor Holdings in less than three full days this week, and enjoyed an $.82 gain per share before commissions. This stock already looks as though there may be a reentry available.
Global Imaging Systems (GISX), has retreated to a support line and is now on probation.
Nuveen Sr. Income Fund (NSL) had a big day on Friday, continues to churn out dividends, and is a position with which I am quite satisfied.
Have a great Thanksgiving,
Bill
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