[Weekend Summary]
Dear Member:
Though the market moved up in a shortened trading day today, it still looks as though it may continue bearish overall to me. The Dow industrials dipped near the 12750 mark on Wednesday before Thanksgiving and was down almost 130 for the week. That index along with the S&P 500 are below the 50 day exponential moving average. The Nasdaq Composite is above the 50 day but was also down for the week in spite of the Friday bounce. Holiday weeks can send false messages though and next week will give much more information. While we may get a bounce, I look for more bearishness near term at least.
I closed the ProShares Ultrashort S&P 500 ETF position (SDS) on Wednesday and was happy to score a $1.66 a share profit before commission in 9 days. That turned out to be a 1% gain every three days. I'd sure take that kind of return all the time. I would not be surprised to see another trade in that one next week.
Ceragon Networks (CRNT) essentially went sideways for the week and Evergreen Income Adv Fd (EAD) did about the same. As I've written so often, EAD is doing the job supplying an income stream at a very decent yield.
I hope you had a great Thanksgiving. I still feel stuffed.
Bill
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