[Weekend Summary]
Dear Member:
Oil continues to have a major impact on the markets. As the price of oil dropped today, stocks were up about 1.5% for the day. Over the week, the indexes were mixed with the Dow managing a modest gain to hold just above some support. The Nasdaq Composite dipped a little for the week while also finishing the week at a support/resistance level. The S&P 500 was essentially flat after closing back above the 1350 level.
Following the concept of cutting losses and the first loss is the best loss, I closed the Northstar Realty (NRF) position for a 97 cent a share loss. The stock broke down through support and also broke below the 100 day exponential moving average so it is where I don't want to be.
Meanwhile, Burger King Holdings (BKC) while bobbing up and down a little has maintained the up trend. So far, all is OK there for me.
Evergreen Inc Adv Fd (EAD) went ex-dividend this week which accounted for the little dip Wednesday and Thursday. It did rally a bit today. EAD continues to dutifully pay dividends (which is why I bought it initially) and the current rate at Friday close is approximately 11.7% per year.
The positive use for Ceragon (CRNT) is as an underlying against which to write covered calls otherwise, it looks like I will have to take it as a capital loss toward year end.
I almost pulled the trigger on a couple of plays today including BX and NTAP, but decided to sit tight until the new week since the markets remain unsettled and quite oil price dependent.
Have a great weekend and thank you for subscribing.
Bill
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