[Weekend Summary]
Dear Member:
As we approach the "summer doldrums" the Dow and S&P 500 are dealing with a support/resistance line first begun last November and the Nasdaq Composite has been unable to get back above the important 2500 mark since the beginning of January. Meanwhile, volatility has climbed modestly this week. As I have written before, patience is critical at times like these and the rewards are evidenced by a $10 Trader trade I closed this week where I was able to achieve a 40% return in just a little over a month. The key, I believe, is to continue the hunt for good candidates with good entries.
With the market uncertainty, I entered no new plays this week. I am looking at a possible double bottom in Albany International (AIN) as the textile sector appears to be showing some strength, but the formation is not yet complete so I'll wait and see.
Evergreen Income Adv Fd (EAD) continues with the good dividends and remains on the up trend line.
Ceragon Networks (CRNT) had a strong week but closed right at a weekly resistance. A break above that level could be very positive.
I am constantly on the look-out for strong candidates with a good entry and will act when I find situations I like, but, in the meantime, I'll just remain patient. Patience, I believe, is critical to overall market success.
Have a great weekend.
Bill
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