Friday, November 19, 2010

Weekly Digest - Week of 11/14/10

I continue to try to improve this blog by bringing more regular updates, and here is a new one.  Weekly Digest will come on Fridays following the market and it will just be a basic recap of the week for the market, my portfolio, and other "going-ons".

Along with the Weekly Digest I have the Traders Toolbox and the Weekly Forcast.   The Traders Toolbox will happen every Thursday and will cover necessary tools traders use.  I will also use that segment to bring more information on technical analysis.

The Weekly Forcast is posted over the weekend and will deal with the week ahead of us.  I analyze the market and pose a possible direction it will move.

I will also start posting morning updates, giving a brief look ahead for that day.  Best thing for a trader to be is prepared and I want to make sure everyone and myself is prepared.

So here is this weeks Weekly Digest:

As you can see we didn't have much movement throughout the week and finished mostly flat.  S&P500 and Dow Jones finished slightly up over last week and the Nasdaq finished flat.  The little movement from week to week didn't stop the market from being very volatile this week.  Monday was a slight down day followed by a big sell off with -1.6% on Tuesday.  Market spent the rest of the week moving its way back to positive territory.

This is the first week we saw POMO every day of the week as the Fed continues its mission with the QE2.  We saw the biggest IPO released this week with GM coming back to the market.  As most people found out it wasn't all it was cracked up to be as it sold of throughout the day.  We have also come to the end of our earnings reports for the S&P500, so that should level out the market a bit in upcoming weeks.

As for my portfolio, I am still majority long and added Massey Energy, MEE, on Monday.  Massey Energy had a rough start on Tuesday but quickly recovered towards the end of the week.  Will continue to hold Massey into next week.

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