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[Weekend Summary]
Dear Member:
This week definitely was not too inspiring for the bulls or the buy and hold crowd. Both the Dow and the S&P 500 broke down through what I consider to have been a major level of support and the Nasdaq Composite is right up against the support level. Unless the Dow can hold around 12750, it looks to me that it could fall another 500 points before reaching the next level of any serious support. Generally, I have pulled in my bullish horns and put on the bear suit at least until I see a clear reversal accompanied by significant volume and I don't see that yet.
As you undoubtedly are aware, I have been very cautious entering bullish positions with the current tenor of the market. I did re-enter a trade on JER Investors Trust (JRT) today. I like the position since the company has been paying a dividend equal to more than 17% a year at the current stock price so that could provide a cushion against a downward move. JRT also has a low P/E in the 6 area and the current book value is listed as greater than the stock price which is pretty rare.
Evergreen Inc Adv Fd (EAD)continues to serve its function as a decent income producer.
Ceragon (CRNT)seems to have found a level of support and, if nothing else, serves as a vehicle against which I can write covered calls.
I am happy to report that the publisher (John Wiley & Sons) sent me the first copy of my book, "Trade Your Way to Wealth," this week and books are being shipped to Amazon and stores next week. It is currently available at amazon.com for any who may be interested.
Have a super weekend.
Bill
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