[Weekend Summary]
Dear Member:
I'm sending this a little before market close today since I am going fishing this evening and am about to shut it down for the week. With option expiration, things have been a little wild and wooly today and markets down pretty significantly as I write. The S&P has been unable to break resistance around 1350 and is heading down with the next strong support over 40 points away. The Dow is also diving and support looks to be around 11,740 which, as I write is more than 110 points down from here. The Nasdaq has also broken down through the up trend so all looks pretty bearish at the moment, BUT option expiration often does create some wildness. I did little this week and mostly stood aside as we approached this chaotic day. Monday and Tuesday should give a clearer picture.
I added a position in JER Investors Trust (JRT) this week and it is up a bit since entry. There is also good news in that the company announced a 30 cent a share dividend that will be paid at the end of July to shareholders of record on June 30th.
Though Burger King Holdings (BKC) has not shown much so far, it is important that it continues to trade above support.
Evergreen Adv Inc Fd (EAD) continues to perform as a good dividend payer which is why I bought and hold it.
I considered buying bearish ETFs the latter part of this week, but held off because of the oddities surrounding option expiration. They will be a consideration early next week.
Have a great weekend.
Bill
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