[Weekend Summary]
Dear Member:
The markets pushed a little higher this week but without quite the steam of the past few weeks. The question now becomes whether we are looking at a breather, a little profit taking, a retreat, or a move on forward. One little clue was that the turn back up today was not accompanied by much volume. That could be a sign that the run-up may be losing some of its momentum. Once again, we need to see what happens early next week and on what volume.
The seeming slowdown in upward momentum kept me mostly to the sidelines this week. I did close the Pfizer (PFE) position as it began to roll over. Before commissions, I realized a 92 cent a share gain.
Last week's disappointment, Ceragon (CRNT) looks as though it stopped the bleeding at the 50 day exponential moving average. It has now bumped back up to the 40 day to which it has been pretty faithful since April. I suspect the market may have overreacted (as it so often does) to last week's news.
Palm, Inc. (PALM) is still moving along the uptrend but is showing some difficulty pushing back above $16. I am also slightly concerned that the chart may be forming a head and shoulders, but unless and until it does, I'll just stick with the trend.
I only mention Evergreen Income Adv Fd (EAD) because I still hold it for its really good income production as the fund, itself, moves sidewise. This one has worked as the income producer I sought when I bought it.
I suspect a little retracement on profit taking may be likely and believe it may present an awfully good buying opportunity.
Have a great weekend.
Bill
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