3 10 2014
Before I begin, I would like you to know that I am taking a week off of my newsletter to spend valuable time with my family over Spring Break. But rest assured, you are in good hands with Tim Reazor, our newest addition to The Wall Street Shuffle radio show, daily contributor to our newsletter, and Chief Investment Strategist for NorAm Asset Management. His article is below so be sure to read his valuable insight, but now to the markets.
I don’t know which is worse, the escalating Ukrainian situation with Russia, or the growth data out of China. China reported over the weekend that their growth has slowed the most since the financial crisis 5 years ago. Not only are Chinese stocks under pressure, but so is the Chinese Yuan.
And his will likely put pressure on our markets at the open. That said, our equity markets are still the strongest of the industrialized nations.
Friday, our markets gave up their morning gains. The DOW did manage to hold onto nominal gains, the S&P closed flat, while the NASDAQ closed in the red by -1/3%.
Up Volume was 44% on both the NYSE and the NASDAQ. Advancing issues were 43% and 46% respectively.
The most concerning thing though happened literally just before the close. A twitter feed from the Ukraine and the BBC reported that Russian armored vehicles and troops were entering the Crimea.
With less than 5 minutes before the close, being almost fully invested I decided to lighten up on my 2 most aggressive positions just in case the conflict escalated over the weekend. For this reason, I sold the ProShares Ultra S&P 500 (SSO) and the ProShares Ultra NASDAQ (QLD) to protect profits.
Both of those tactical positions move 2x of their respective index and are thus quite volatile. I purchased these positions in early February after the January pullback and had nice single digit gains in both. I did not want to give those gains up in short order. If the dust settles, I can always re-enter those positions or something similar.
We have no economic reports today. We have 1 company, Urban Outfitters (URBN) reporting on the S&P 500.
We have 19 stocks reporting in the broader markets. Some of the more notable companies are listed below.
Remember to tune into The Wall Street Shuffle Saturdays on 1190 AM at 10 a.m. in DFW. We have a financial and market focus.
I hope you enjoy the show. If you have any investment questions you would like discussed on the air, just e-mail me a danny@thewallstreetshuffle.com and we will address your questions.
If you have any specific investment questions in which you would like personal advice, e-mail me at dstewart@old.noramassetmanagement.com and I will be happy to respond.
Dan Stewart CFA®
NorAm Asset Management
Economic Reports Today:
None
Some Notable Earnings Reports Today:
Urban Outfitters (URBN)
USA Mobility (USMO)
FuelCell Energy (FCEL – after market)
United Natural Foods (UNFI – after market)
The information presented is for educational and entertainment purposes only. Opinions and information expressed are based upon information considered reliable. However, factors are constantly changing and should not be relied upon. You need to do and verify your own research.
Moreover, no reader or listener should assume that any information or discussion presented serves as personalized investment advice from NorAm Asset Management, Inc. or from any other investment professional, and is not an offer of solicitation for the sale or purchase of any specific securities, investments, or investment strategies. You need to have your
