Buying optimism displayed the prior week did carry over to a small degree – until Friday.
The end of the short week saw some corporate earnings warnings, oil prices rebounding on Euro-Russia developments and expressions of economic concern by notable figures Elon Musk (“I have a bad feeling”) and the JPMorgan CEO (“I’m expecting an economic hurricane”).
Thus another week ended with a Friday sell-off.
Most of our shorts resumed declining, for added profits. Our long positions were mixed – some sagging again, while others held steady or even posted some new weekly highs, something not seen in a while.
Hard to make much of a short trading week, much less one that ushers in the normally quiet summer months. For all the volatility that returned to trading intra-week, few trades signaled among our stocks.
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