Following a round of less than stellar economic numbers, renewed fears that a soft landing won’t take place crept into the market later in the week.  Despite the fear, the market held up remarkably well.  That was apparent in Friday’s action when large, early losses were largely erased by the end of trading.  What could have been an ugly day of distribution ended up as healthy, consolidating action.  While all the major indices have taken out first support levels of their upward trend lines, support of the 50 day moving averages remain.. an area where i’d expect a test of within the coming week.

::: Model Portfolio Update :::

The Self Investors Model Portfolio was off a bit for the week, down 1.2% .. bringing the YTD performance to 19.2%.   In a bit of a strategy shift, I’ve begun to utilize quick strike profit plays more frequently looking to capitalize on quick profit gains in swing type trades (I highlighted a few more of these types of plays in a bonus premium report to you last week).  While the core of the portfolio will remain focused on longer term, fundamentally superior companies, breaking out of sound bases, I plan to allocate around 25% of the portfolio for quick strike profit plays which have the potential to really accelerate portfolio returns.   During the week, I closed out 6 small QSP trade positions:  DSTI (+17%), VSE (+10%), CTDC (+5%), NPSP (+5%), CHNR (-2%) and SYNA (-3%).  With the market entering a correction phase, I’ve begun to move more of the portfolio to the short side by initiating 3 new short positions during the week, bringing the total number of short positions to 4.  Current allocation of the portfolio stands at 72% long, 28% short. 

::: Best/Worst Performers :::

– Top 10 Performing Industries For the Week –

1. Oil & Gas Drilling & Exploration          5.25%
2. Oil & Gas Equip. & Services              4.85%
3. Residential Construction                    4.30%
4. Silver                                                  4.10%
5. Oil & Gas – Independent                     4.05%
6. Air Services – Other                           4.00%
7. Oil & Gas – Refining & Marketing         3.65%
8. Gold                                                    3.60%
9. Oil & Gas – Major Integrated               3.35%
10. Consumer Services                          3.30%

– Top 10 Worst Performing Industries For the Week –

1. General Entertainment                           -5.70%
2. Department Stores                                -5.20%
3. Pollution & Treatment Controls              -4.65%
4. Major Airlines                                        -4.50%
5. Investment Brokerage                           -4.00%
6. Sporting Goods                                     -3.60%
7. Internet Info Providers                           -3.55%
8. Rubber & Plastics                                  -3.45%
9. Toys & Games                                      -3.40%
10. Office Supplies                                   -3.20%

– Top 5 Best Performing ETFs For the Week –
 
1. US Oil Fund (USO)                                  6.30%
2. SPDR Energy (XLE)                                5.55%
3. Ishares Energy (IYE)                              5.40%
4. HLDRS Oil Services (OIH)                      5.25%
5. PowerShares Dynamic Energy (PXE)    4.80%

– Worst 5 Performing ETF’s –

1. Ishares Broker/Dealer (IAI)                             -5.40%
2. HLDRS Internet (HHH)                                     -4.95%
3. PowerShares Nanotech (PXN)                       -4.25%
4. India Fund (IFN)                                               -4.20%
5. HLDRS Semiconductors (SMH)                       -3.75%

:::  IPO’s Worth Watching for This Week :::

1. Allegiant Travel (ALGT): a Las Vegas-based provider of low-cost airline passenger services linking travelers in small cities to world-class leisure destinations, such as Las Vegas, Orlando, and Tampa/St. Petersburg. Set to start trading Friday.

2. Heely’s (HLYS):  Texas-based designer of action sports-inspired footwear products for the youth market. The company’s primary product, HEELYS-wheeled footwear, is dual-purpose footwear that incorporates a stealth, removable wheel in the heel that allows the user to transition from walking or running to skating by shifting weight to the heel.  Heelys sells its products through distribution channels, including full-line sporting goods retailers such as The Sports Authority, Modell’s, and Dick’s Sporting Goods, specialty apparel and footwear retailers, such as Journeys and Bob’s Stores, and select department stores, such as Nordstrom and Mervyn’s.  Trading set to start Friday.

::: Upcoming Economic Reports (11/20/06- 11/24/06) :::

Monday:        None
Tuesday:       Productivity (rev.), Factory Orders
Wednesday:  Crude Inventories
Thursday:      Initial Jobless Claims, Consumer Credit
Friday:           Hourly Earnings, NonFarm Payrolls, Unemployment Rate

::: Notable Upcoming Earnings Reports I’ll Be Watching This Week :::

None

::: Latest Blog Entries – In Case You Missed Them! :::

– SelfInvestors Blog –

1.  Dow and S&P Break Upward Trends
http://investing.typepad.com/tradingstocks/2006/11/dow_and_sp_brea.html

** Anything you’d like to see in this report or have suggestions?  Just hit your reply button and respond.  I’m all ears!