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The ETF Authority Closes Outstanding
Positions in QQQ, IEF and EWJ The stock market continues to hang tough. While I still expect equities to ultimately tumble to new lows, it is no longer cost effective to hold on to the positions I recommended in my November 25th edition of The ETF Authority. The retail sales report this morning was somewhat stronger than expected, and though I believe the data we are seeing from the stores themselves are more important, this morning's numbers should be enough of a catalyst to provide a bid to stocks today. Also note that even though the weekly unemployment claims figures were very high, the jump was largely due to the poor seasonal adjustment factors I discussed in last week's report. Although the data were a bit weak, they were essentially in line with recent unemployment claims trends. Therefore, please close all outstanding trades this morning to lock in profits. Current positions held are: Long QQQ March 24 puts (QAVOX, or QAVOX.X on Yahoo). Purchased at 1.00. Yesterday's close was 1.60. The options are currently trading at $1.50. Long iShares 7-10 Year Lehman Treasury Fund (IEF). Purchased at 83.90. Received 0.52 dividend. Yesterday's close was $84.95. The fund is currently trading at $84.86. Short MSCI Japan WEBS (EWJ). Sold at 7.01. Yesterday's close was 6.82. Currently trading at $6.84. Please also note that the trades recommended in the December 9th edition of The ETF Authority were not triggered and should be cancelled if you haven't already. Those recommendations were: (1) Buy XLK - CANCELLED Good trading! ********************************************* DISCLAIMER StreetAuthority, LLC is not a registered investment advisor or broker/dealer. Readers are advised that the material contained herein should be used solely for informational purposes. StreetAuthority does not purport to tell or suggest which investment securities members or readers should buy or sell for themselves. Site users should always conduct their own research and due diligence and obtain professional advice before making any investment decision. StreetAuthority will not be liable for any loss or damage caused by a reader's reliance on information obtained in any of our newsletters, special reports, email correspondence, or on our web site. Our readers are solely responsible for their own investment decisions. The information contained herein does not constitute a representation by the publisher or a solicitation for the purchase or sale of securities. Our opinions and analyses are based on sources believed to be reliable and are written in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy or completeness. All information contained in our newsletters or on our web site should be independently verified with the companies mentioned. The editor and publisher are not responsible for errors or omissions. StreetAuthority receives no compensation of any kind from any companies that may be mentioned in our newsletters or on our web site. Any opinions expressed are subject to change without notice. Owners, employees and writers may hold positions in the securities that are discussed in our newsletters or on our web site, but are barred from trading any of these securities seven days before and after the initial publication of any report in accordance with our company policies. (c) Copyright 2002. StreetAuthority, LLC All Rights Reserved. Unauthorized Reproduction or Distribution is Strictly Prohibited.
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