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[Weekend Summary]
Dear Member:
The markets bounced up nearly 5% for the week on generally increasing volume though the volume did fall off just a little today for the Dow and S&P 500 while jumping a bit on the Nasdaq Composite. The Dow and S&P finished right at an area of resistance. The Nasdaq bounced off a level of support with the huge news of Microsoft's (MSFT) offer to buy Yahoo (YHOO) for more than a 60% premium over the close on Thursday. It remained a stock pickers market in this earnings season, though, as evidenced by Google's (GOOG) nearly $50 a share fall today.
I was able to take a quick 4.5% gain before the commission in an overnight trade on Navios Maritime (NM). I still like the stock, but it is bumping against resistance and would only be a candidate for re-entry for me if it breaks the resistance or falls back to the trend line and bounces.
Evergreen Inc Adv (EAD) continues its job as a good income producer and enjoyed a 3% increase from this week's low to Friday close, all aided by the Fed's additional rate reduction.
Ceragon (CRNT) continues as a candidate for covered call writing and looks as though it could make a little run if it can break through the $10 barrier. It remains a disappointment so far, however.
If the Dow and S&P can break through this near term resistance, I expect to have a lot of Trend candidates. I do remain cautious, though, as a result of January's action and the fact that February has often been a bearish time with a let down following the excitement of earnings news.
Have a great weekend.
Bill
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