** Current Market Outlook **
In the last Weekly Review I mentioned it was important to begin dabbling in long positions or at the very least have those long watchlists at the ready because there was a decent chance we would get a relief rally following the Fed announcement on Thursday… and a nice rally we got! While the volume behind the move wasn’t exceptional, it was an important move and likely indicates that this market has bottomed. It’s time to begin pursuing long positions with a little more aggression.
In the Model Portfolio last week, (only available to premium members) I began initiating long positions and am currenly holding 4 long positions and one short position. I’m currently long 25%, short 5% and the rest in cash. The portfolio continues to hover around a 15% gain for the year. I will most likely add another long or two in the coming week and possibly cover the short position.
** Best/Worst Performers **
– Top 10 Performing Industries For the Week –
1. Silver 7.90%
2. Copper 7.20%
3. Machine Tools & Accessories 7.15%
4. Toy & Hobby Stores 7.00%
5. Security Software & Services 7.00%
6. Oil & Gas Refining/Marketing 6.95%
7. Resorts & Casinos 6.40%
8. Rental & Leasing Services 6.30%
9. Steel & Iron 6.25%
10. Metal Fabrication 6.05%
– Top 10 Worst Performig Industries For the Week –
1. Auto Parts Stores -9.05%
2. Home Furnishing Stores -3.00%
3. Semiconductor – Memory -2.30%
4. Drugs – Generic -2.30%
5. Information Tech Service -1.75%
6. Education & Training Services -1.70%
7. Beverages – Wineries & Dist. -1.10%
8. Home Improvement Stores -.90%
9. Medical Appliances & Equip -.85%
10. Computers Wholesale -.75%
– Top 5 Best Performing ETFs For the Week –
1. Turkish Invest FD (TKF) 18.40%
2. Templeton Russia and E. Europe (TRF) 13.10%
3. Central Europe & Russia (CEE) 11.30%
4. Latin America Discovery (LDF) 9.90%
5. Ishares South Africa (EWZ) 9.50%
– Worst 5 Performing ETF’s –
1. SPDR Homebuilders (XHB) -.90%
2. Ishares Networking (GLD) .20%
3. Ishares 1-3 yr Treasury (SHY) .30%
4. Powershares Clean Energy (PBW) .30%
5. Ishares Aggregate Bond (AGG .50%
** No IPO’s Set to Launch This Week **
** Upcoming Economic Reports (7/3/06- 7/7/06) **
Monday: ISM Manufacturing, Construction Spending, US Motor Vehicle Sales
Tuesday: Market Closed Today
Wednesday: US Factory Orders, Retail Sales, Petroleum Report
Thursday: Money Supply, ISM Non Manufacturing, Mortgage Apps, Jobless Claims
Monster Employment Index
Friday: Employment Situation
** Latest Blog Entries – In Case You Missed Them!**
– SelfInvestors Blog –
1. F-E-D Spells Relief
http://investing.typepad.com/tradingstocks/2006/06/fed_spells_reli.html