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stock market today, stock market
[Weekend Summary}
Dear Member:
The markets do not yet look ready to turn back to a sustained bull to me. In fact, the Dow, Nasdaq, and S&P 500 have each formed a head and shoulders on the daily line charts which I consider to be bearish. There still has been no real capitulation so I expect a greater liklihood of downside movement before we see any sustained rally. If the S&P does not bounce in February, it will be the first time since 2002 that it has been down 4 straight months. All of that means to me that the inclination will be to bearish plays with only very careful selectivity leading to bullish entries in my own portfolio.
I'll be speaking at Traders Expo at the Marriott Marquis, Times Square on Sunday the 17th. The Expo is free and my subject is the subtitle of my book. The book as you probably know is "Trade Your Way to Wealth" and the subtitle is "Earn Big Profits with No-Risk, Low-Risk, and Measured Risk Strategies." Please make sure to introduce yourself if you attend the Expo. I'd really look forward to meeting you.
Although today was not a particularly good day for the cheaper stocks, I did buy some Endeavour Silver Corp (EXK) as a play on the metals which have showed some bullishness. I got a fill at $3.42 and the stock moved up a little from there.
I also closed my position in Cano Petroleum (CFW) this week for a relatively small loss. It is time to pull the plug quickly in these market conditions.
Sypris Solutions (SYPR) had been moving up nicely until today when it dipped back toward support.
City Telecom HK (CTEL) has continued consolidation, which, to my mind in this market, is a good thing. Introgen (INGN) remains a speculative play on results of final phase testing of the cancer treatment.
Blackrock Sr Hi Income Fd (ARK)goes ex-dividend on the 13th and continues to produce regular income. Annual yield (paid monthly) at the current price is over 10.5%
Bill
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stock market today
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