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[Weekend Summary]
Dear Member:
The first three trading days of 2007 were pretty wild. On Friday, only 6 of 239 groups were up. OEX and NASDAQ volatilities both broke above resistance with the CBOE volatility at resistance. The S&P 500 and Dow were down this week with the Dow forming a double top resistance. The NASDAQ managed an 18 point gain. It really looks to me as though the market is ready to take a breather. I have to qualify that statement, however, because we are coming into earnings season and a number of positive surprises could very well result in a postponement of any downward movement.
I closed most of my positions in training trader this week. Two positions were closed for gains and one for a loss. I closed Anadarko Petroleum (APC) for a disappointing loss when the stock dropped fairly dramatically along with the sector and oil prices in general. I suspect the sector will revive in the not too distant future and I'll have a chance to get my money back on some stock in the oil sector.
On the brighter side, I made $.74 a share on my Formfactor (FORM) trade which closed in two days. I was in the Wells Fargo (WFC)position for almost a month, but was able to salvage a profit on that stock.
Yamana Gold (AUY) has been somewhat troublesome since it broke down through the trendline. However, it stopped at a support around $11.50 and has given a signal that it may be ready to bounce back up. If it can't hold $11.50, I'll just exit.
Nuveen Sr. Income Fund (NSL)continues to be a hero. It remains strong and pays a nice rate of dividend on a monthly basis.
"Look out below" could be the prediction for next week. We'll just have to see, but I have a few positions just in case and the ones I do hold may be able to survive a downward market moves.
Have a wonderful weekend.
Bill
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