Overall another dull summer week for the U.S. stock market. Some tech stocks rallied a bit from recent selloffs, raising the Nasdaq Composite Index, but the Dow and S&P500 were little changed. Just not enough conviction in either direction from enough institutional traders to move stock prices much, not unexpected this time of year.
A mixed week again, but this time more stocks moved in the direction favorable to our positions rather than against, that most well-diversified subscribers should have added some net profits. Favorable movements increased the total number of new weekly highs/lows.
Despite major indexes at near-highs, a good portion of our positions are shorts, many with significant gains – that are significant losses for those still holding them long (and there are thousands of such investors) – a reminder that our portfolios do not necessarily correlate to the broad market, requiring stock-specific analysis.
Highlights: 6 new weekly highs in long positions. 6 stocks with double-digit long gains:
TRUE +21% EVH +43% FIVN +56% LPSN +68%
FRPT +50% NEFF +64%
3 new weekly lows among short positions. 4 stocks with double-digit short gains:
URBN +17% FTK +29% NGL +44%