[Weekend Summary]
Dear Member:
The NASDAQ and S&P 500 were each up modestly for the week while the Dow dropped about 24 points. All the indices retreated on Friday during the shortened trading day, which tells us very little. As my Newsletter article this weekend indicates, it would not be unusual to have a retracement in early December preceding a Santa Claus rally during the latter part of December.
I took a relatively small, quick loss on Yahoo (YHOO)this week when it turned directions on me. I should congratulate one of my astute subscribers who had written and suggested that Yahoo (YHOO) may be ready to turn up.
XLK, and the tech ETF has shown continued strength. It, like SPY, each showed a little weakness today (Friday), but since it was a shortened trading day, I am not sure that that means anything. Each of these should be watched carefully at the beginning of next week.
I am satisfied with the spreads on both Citigroup (C) and Sirius Satellite (SIRI).
I suspect that we will learn a great deal about whether or not there is going to be a pullback in the early part of December beginning next week. If we do see a pullback, it might provide an excellent opportunity for entry into some bullish positions preceding what may turn out to be a Santa Claus rally.
I hope you had a wonderful Thanksgiving and have a terrific weekend.
Bill
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