Market Notes
The market was percolating along just fine, thank you, up until about an hour before the close when someone turned off the burners. The major averages ended the day slightly lower, but the real bummer was that none of them, especially the DTX, were able to pierce recent resistance. What do we gotta do here to get some action around here???
But I’m not expecting a lotta love as this week is chock full of thorny economic reports. The market will be wrapping its collective brain around the following numbers that are considered to be indicative of either growth or stagnation: consumer confidence, jobs, housing starts, and manufacturing growth.
Good numbers and we should see a decline in volatility; bad numbers and we’ll see both the VIX rise and the market sink. Never before have the telltale signs of green shoots been so important.
My advice: Protect your positions and fasten your seatbelts. The ride could be very bumpy.
New Long Portfolio
Today’s portfolio selections come from the following *Blue Plate Specials* lists: Breaking out to new highs (2), Breaking out to new highs on lower volume (2), Darlings of the Day (5), and Speculative Leaders (1).
Today’s portfolio close-out
The 9/10 portfolio was cashed out for a 1.8 % gain. This portfolio somehow lacked the jazz of its contemporary brethren but a mother loves all of her children.
The 9/13 portfolio will be sold tomorrow.
[See 4/21/10 blog for further details on how these portfolios are constructed.]