[Weekend Summary]
Dear Member:
The close today (Friday) puts the indexes in one of the most interesting positions I have ever seen. Talk about uncertainty -- here it is. The Dow, S&P 500, and Nasdaq Composite each closed at a level of significant support. The Dow and S&P each closed just below the low close in January, but not quite as low as the January intra-day close. The Naz opened right at the January intra-day, dipped, and wound up closing just above that January intra-day low level. Meanwhile, volatility moved back and forth through the day and finished near resistance as measured on the VIX, VXN, and VXO. Market direction is now so uncertain, all I can say is that I am really glad I have refrained from trading very actively. I see no directional edge at the moment though if I were to guess I would guess in the down direction, but without much conviction. I don't think we are very far from getting a clear message of where we go from here in the short and possibly medium term as well. I want to emphasize how important it can be at times not to trade and be ready when the move begins or there is a clear continuation. I think it is time to be ready.
Little new to report except I closed my UltraShort S&P 500 (SDS) position for a profit. Depending on what the market shows next week, I may return to a position in that ETF.
Evergreen Inc Adv Fd (EAD) is still doing the job producing income and that is a pretty good thing in these market conditions. I don't think I ever met a stream of income I didn't like.
Ceragon Neworks (CRNT) has had a lot of good news, but nothing enough to move it positively against a negative market.
I find it hard to be patient when I want to trade, but I know the rewards of patience can be great. Premature entry can result in significant losses which I really try to avoid and with patience I look to find good entries when they present themselves.
Have a great weekend.
Bill
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