Market Notes
Further downside movement was suggested by the negative internals last Friday and today’s action came as no surprise. Earnings season is kicking off Thursday and the all-important jobs report is due Friday so I’m betting the market most likely will be stuck in a trading range until then…but what with the market becoming perpetually stalled in this low volume trading environment, any market moving piece of news can be artificially magnified, so watch out.
New Long Portfolio
Today’s portfolio selections come from the following *Blue Plate Specials* lists: Breaking out to new highs (7), Breaking out to new highs on lower volume (1), and Low-priced Leaders (2).
Today’s portfolio close-out
Nine of the ten components of the 9/17 portfolio were cashed out. The last one, Veraz Networks (VRAZ) completed its merger with a 1:5 reverse split. The new company is named Dialogic (DLGC). Today was the first day of trading for the new issue and only two disparate trades were executed which made me think that it will be wiser to exit the trade tomorrow. Ergo, the portfolio will be shown tomorrow with a loss estimated to be around 1.7%.
Tomorrow the 9/20 portfolio will be closed out.
[See 4/21/10 blog for further details on how these portfolios are constructed.]