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[Weekend Summary]
Dear Member:
Certainly a less than inspiring week for the bulls though I was relatively pleased in my own trades in my Trend, Option and $10 services. While volatilities moved back up, the Dow and S&P 500 each turned down from triple top resistances while the Nasdaq did the same from a double top resistance. Each of these major indices broke down through the shorter term up trend lines. For now, important resistances are around 2400 for the Nasdaq, 12,750 on the Dow and 1400 on the S&P. Until then, the bull is not on the rampage.
The trade on the Blackstone Group (BX) turned out well and I was able to sell the stock after just 6 days for a 94 cent a share gain and a before commission return of 5.3%. Following my exit, it has been diving toward support and could very well provide a re-entry depending on whether this market can stabilize (and that's far from certain).
Evergreen Income Adv Fd (EAD) managed a small gain this week and continues to serve its income producing purpose.
Ceragon (CRNT) after showing some life turned back over and is of little use except as a vehicle for selling covered calls.
Once again, overall market action suggests extreme caution in entering bullish positions and I remain largely in cash. Generally 80% of stocks move in the direction of the market so it is clearly a time for care in picking candidates for bullish moves.
Have a great weekend.
Bill
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