Earnings are due from Boston Scientific (BSX) on Tuesday morning. The stock is fully priced here after a nice run since last October. For now, we would not recommend in front of earnings.
1.Geopolitical and Fiscal Events. Monday sees Japanese Prime Minister Shinzo Abe visit the U.S. Wednesday sees the Federal Reserve end its latest two day meeting. Friday sees Federal Reserve San Francisco President John Williams speak on monetary policy in the financial markets.
2.Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications and consumer confidence, GDP, personal income, Chicago PMI, construction spending, ISM Manufacturing and Michigan Sentiment.
3.Earnings Releases. Notable releases include AAPL GGP PFE MRK MA BIDU XOM V CVX CVS.
We are going to continue making Thursday our chart section in only Superstock. That said, we are changing the format. If you want to follow the S&P 500, then you will need to sign up for www.superstockinvestor.com at the website. Each week in Superstock we track the S&P 500, NASDAQ Composite, Russell 2000, Emerging Markets (EEM), 20 Year Treasury (TLT), U.S. Dollar (UUP), High Yield Bonds (HYG) and Corporate Bonds (LQD). This alone is worth the price of the service as signals on the NASDAQ Composite returned 15.65% versus the index return of 18.93%.
Last week we focused on Intel (INTC) that potentially looked good as it was approaching the 0 line. It is lower by $0.13 week over week and is still close to breaking out. We remain hopeful.
This week we look at Cree (CREE) that deteriorated over the last several weeks and today crumbled on weaker earnings. If you do not respect a break into the red, then be prepared to pay a steep price.
The S&P 500 is higher than a week ago despite Friday’s pullback. The Nasdaq Composite is trying to close above 5000. The portfolio remains 50% invested long, 0% short and 50% in cash, net long 50% with profits taken most recently in Red Hat(RHT). We are now at a value of 1004.47% from 1001.47% through Monday’s close. We finished the year at a value of 951.10 up 29.86% for the year. Our current value is 1004.47% which puts us up 4.93% for the year.
Below are the year by year results on a cumulative and absolute basis:
It appears for now that 2100 on the S&P 500 has become resistance and 2050 is support. We are now at 2100.40 which is higher from a week ago. A big test for the week is to see if it can clear 2100 and stay above the level for several days if not a week or two.
Remember these returns are total returns with the average change for all winners and losers is 8.93% per idea. Our batting average of closed winners and losers is 72%. The portfolio is up to a value of 1004.47% and from inception when it began at 0% in April of 2008. The performance on the Uncommon Wisdom Daily Portfolio Tracker is a bit higher due to dividends which they add in. We have never added in dividends so our weekly results are understated since 2008.
The Russell 2000 is still beating the S&P 500 on a daily basis.
1.Geopolitical and Fiscal Events. Monday sees Greece’s Foreign Minister meet with U.S. Secretary of State Kerry. Friday sees Greece face a deadline to create reforms to unfreeze monetary aid.
2.Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications and existing home sales, new home sales and durable goods.
3.Earnings Releases. Notable releases include STI HAL DD YHOO MCD BA MO DOW BIIB TYC.