Absent a major economic or political development, the slightly upward market bias of recent weeks continued, albeit barely. Remarks from the Federal Reserve indicated more minor interest rate increases are coming, which lifted bank stocks (most NYSE-listed) and hurt tech stocks (most NASDAQ-listed), such that the Dow Industrials Index closed higher, the Nasdaq Composite Index closed lower, and the S&P500 Index was flat.
A mixed week for our stocks also, although risers outnumbered decliners – reflected in more new weekly highs than new weekly lows. Each Level list still holding some largely negative positions as a result of recent revision to analytics.
With one week left to go September this year has not been the typical large decline month.
Highlights: 6 new weekly highs in long positions. 4 stocks with double-digit long gains:
BZH +39% LPSN +96% NEFF +136%
2 new weekly lows among short positions. 1 stock with double-digit short gain: