Market Notes
The market still under pressure as investors rotate into commodities, US$, gold/precious metals, and foreign stocks. Tomorrow’s open is chock full of potential market-moving data: CPI (Consumer Price Index), Retail Sales, and Consumer Sentiment.
Tomorrow will be Friday the 13th–I’m almost afraid to get out of bed!
No Portfolio Picks today
Although the market opened down with the SPX still under its 40 dma, the intraday action lacked conviction which makes me think that investors are waiting on tomorrow’s numbers before making their next move. If investors like what they hear and the market rallies, I’ll hang onto the long portfolios and exit the short one; otherwise, those long portfolios will be dumped and a short portfolio will be initiated.
Today’s Portfolio Close-out
Today’s 7/28 long portfolio was closed out about 45 minutes before the market closed. The resulting loss will be subtracted from tomorrow’s portfolio, divided equally among the portfolio selections.
For more info on how this portfolio is generated and how you can construct your own, see the fund rules in the 4/21/10 blog. And remember to do your own due diligence!