Weekly Update Ended June 24, 2017
Last week we saw a continued recovery in some sectors while others remain in a range although sectorally there are a few names that moved higher despite the sectoral apathy. The China basket being one sector in particular that saw Alibaba and NetEase move higher while the rest of our holdings remained moribund to slightly lower for the week. In mega-cap techland we saw a decent move in Google, Apple, Amazon-smallish, and Netflix (non-mega cap techland). The opto-comps sector moved higher on the week as well but primarilydue to an UG from DA Davidson.
The markets, in general, continue to look for reasons/excuses to roll over and I don't expect that negative cawing from the darkside and financial media to ease up anytime this week. However, that has been the case for over 2 years now.
This morning our futures are indicating a higher open with most major global markets in the green. Having said that, I will repeat the fact that our futures have stopped being reliable indicators of the day's action many years ago thanks to the fact that a few million dollars are enough to manipulate the futures, higher or lower.
Not much in terms of major sellside UGs/DGs as yet given its still early.
The jaysomaney.com account ended up 144% year-to-date which was an improvement from the 123% we were up in the prior week. The liquidation value of the account stands at $655,118 with cash at $420,909 as of the close of trade on Friday, June 23, 2017.
Please check your inboxes for a list of trades I undertook last week.
We now come to the part that most of you more than likely skim through but I read it every day as a constant reminder to not let myself get carried away no matter how much cash I am carrying whether it is in the fund, the IMA part of my business, the account for the site or my own trading accounts.
Please keep your positions in size with your account size (value). Most importantly please remember that I am running a marathon here and not a sprint. I am in no hurry whatsoever for any position and thus will not enter a position unless I feel the risk/reward is stacked in my favor. Yes, I will occasionally have positions work against me despite the risk/reward prior to the trade but if I was batting a thousand, none of us would be in our little room. We would all be on our own private islands. Even more important for all of us to remember that trades and opportunities will come no matter what the markets are doing.
Please, please don't roll the dice and don't bet on any one single position without keeping the size relative to your overall account. I promise you even 1 or 2 call options at a time add up to spectacular returns over time.
There is nothing worse than seeing someone (new or experienced) blow up his/her own account by going "all in", long or short. Please avoid those sort of "investments" As my dad used to tell me all the time, "Rome wasn't built in a day".
Remember together we will all get there, wherever that may be for each of us individually.
Not a sprint but a marathon. (This is the most important takeaway for all of us) Will always hold true as far as I am concerned no matter what anyone else thinks on the outside. We had some comments last week and the week before that July calls are not a marathon but a sprint however that depends on one's perspective. Always remember someone's poison is someone else's nectar. It is what it is and always will be.
On tap for this week:
Confirmed Fed Speeches:
- Monday 6/26
- John C. Williams ()
- John C. Williams ()
- Patrick Harker ()
- Neel Kashkari ()
- John C. Williams ()
- James Bullard ()
- Mon 6/26
- Open: Schnitzer Steel (SCHN)
- Open: Darden Restaurants (DRI), FactSet (FDS, HIS Markit (INFO)
- Close: AeorVironment (AVAV), CalAmp (CAMP), KB Home (KBH)
- Open: General Mills (GIS), Monsanto (MON), Omnova Solutions (OMN), Paychex (PAYX), Shaw Comms (SJR), UniFirst (UNF)
- Close: A. Schulman (SHLM), Investors Real Estate Trust (IRET), Pier 1 Imports (PIR), Worthington (WOR)
- Open: Walgreens (WBA), Rite-Aid (RAD), ConAgra (CAG), Constellation Brands (STZ), McCormick (MKC)
- Close: Nike (NKE), Micron (MU), American Outdoor Brands (AOBC), EXFO (EXFO)
For your reading pleasure:
Until next week, may the trading Goddesses/Gods smile on all your investments/trades/dice rolls.