AI
Sunday, October 02, 2005 1:30:03 AM
~:~Market Trend Update for the Week Ahead~:~
OVERVIEW:
Another week, another update. One year ARM’s reached 5.0% for the first time since Apr’02 and the RTH, BKX and HGX received a respite from their steep declines as did bellwethers such as GE, IBM VZ, MSFT and INTC with one of the biggest winners being the TRAN index. As mentioned in the previous update with which this post replies; In the week ahead I am looking for more of the same, weakness across the board mainly spurned by weak economic numbers and the aftermath of Rita although Rita remains a wild card. The market may use it to push the market up because of the comparisons having been made to Katrina and in this light was far less destructive. -- Also of note is that all of these indices with the exception of the SPX are weak in tandem, in other words they are all very close to a 50% retrace. On the bullish side of the coin, this is generally an area where a bounce may occur. Couple this with the fact that all/most of these indices are just moving off of the lower Bband and that Rita may be viewed as a positive by this goofy market that finds a reason for an intermediate bounce. It looks as if my hunch about Rita may have come true as the market perceived this as a positive, but Oil prices and Econ #’s sent a different signal as Oil remained strong and Econ #’s remained weak. The COMP ended at 2151, S&P 1228, DJIA 10568 and R2k 667. The last couple of trading days for the week ended on a green note, but we may have only been witnessing some month end -- Qtr end window dressing. The CoT’s data shows very low open interest on the majors with Oil heading back up after a brief decline and Gold OI going through the roof. Long & Short positions can be viewed at #msg-7253670 – Equity funds reported net cash inflows totaling $2.020 Bln (-$21 Mln xETF activity) in the week ended 9/28/05 with $2.071 Bln ($873 Mln xETF’s) going to Non-domestic funds and Domestic funds reporting net outflows totaling -$51 Mln (-$894 Mln xETF’s). International funds reporte net inflows of $1.944 Bln ($746 Mln xETF’s) with all Developed and Emerging regions reporting inflows, including and excluding ETF activity. Money Market funds reported net cash outflows of -$12.052 Bln. Oil remained strong holding up in the mid 60’s while Gold remained in a consolidating pattern between 460-470 area with the U$D doing likewise in the 88-89 area. The CRB remains volatile, but bounced off its 50DMA and closing at 333. The 10-yrs and 30-yrs T-Note yields look stronger at 4.328% and 4.568% respectively…
ECONOMIC #’s:
Issues picked up this week... For the most part the numbers showed continuing weakness with some pockets of strength such as Existing Home Sales and Chicago PMI, but weakness was seen everywhere else.
Consumer Confidence for Sept was 86.6 vs 105.5 previously reported with expectations having been for 95.0. The biggest drop in confidence in 15-years threatens consumer spending which makes up 70% of the US economy. The percentage of consumers that saw jobs as hard to get rose to 25.4% from 23.1%. The percentage that saw jobs as plentiful fell to 20.1%, compared with 23.6% in August. The component of the index that tracks consumers' expectations for the next 6-months dropped to 71.7 from 93.3. A gauge of optimism about the present situation also fell, to 108.9 from 123.8.
Existing Home Sales for Aug were 7.29 Mln vs 7.15 Mln previously reported with expectations having been for 7.11 Mln. The supply of homes available for sale, another gauge of housing demand, increased to 4.7 months' worth in August, from 4.6 months' worth the previous month. Existing home sales account for about 85% of all sales.
New Home Sales for Aug were 1.237 Mln vs 1.373 Mln previously reported with expectations having been for 1.350 Mln. The decline in sales, the sharpest drop since November, pushed the supply of homes on the market up to a record 479K at the end of August. Sales dropped in all four major regions of the country. They were off 22% in the Northeast, 17.9% in the West, 10.6% in the Midwest and 2.2% in the South.
MBA Mortgage Applications fell 6.6 percent to 721.2 from 772.2 a week earlier. Applications to purchase homes fell 3.4 percent to 483.1, while filings for loans to refinance mortgages dropped 10.5 percent to 2106.6. Mortgage rates rose to 5.85% from 5.81% a week earlier The rate on the 15-year mortgage rose to 5.44% from 5.38%, while the rate on a 1-year adjustable mortgage increased to 5.02% from 4.94%.
Durable Orders for Aug rose 3.3% vs –5.3% previously reported with expectations having been for 0.7%. Excluding transportation equipment, orders rose 4.2% with total shipments rising 1.7%. Orders for transportation equipment rose 1.4% after dropping 8.7% in July. Bookings for motor vehicles rose 0.8% and commercial aircraft orders rose 9.4% after falling 21% the previous month.
ICSC-UBS Weekly Chain Store Sales for the week rose to 0.1% after reporting a decline of –2.1% in the previous week.
Oil Inventories as reported by the DoE (Dept of Energy) and API (American Petroleum Institute). Crude according to DoE fell by –2.4 Mln bbls, but according to API fell by –740K bbls. Gasoline according to DoE rose by 4.4 Mlm bbls and according to API rose by 2.2 Mln bbls. Distillates according to DoE fell by –500K bbls, but according to API fell by –120K bbls.
GDP/Chain Deflator/PCE for Q2 was 3.3% vs 3.3% previously reported with expectations having been for 3.3%. GDP rose to $11.1 Tln when annualized and adjusted for inflation. Without adjustment, the economy grew at a 6.0% annual pace to $12.4 Tln for the Qtr, compared with 7.0% in the previous 3-months. The GDP report included corporate profits for the Qtr. Earnings adjusted for the value of inventories and depreciation of capital expenditures or profits from current production rose 4.6% compared with an earlier estimate of 6.1% and a 5.6% gain in the 1st Qtr. Chain Deflator rose 2.6% vs 2.4% previously reported with expectations having been for 2.4% and the PCE or personal consumption expenditures price index rose 3.3% compared with 3.2% estimated last month and 2.3% in the 1st Qtr. Stripping out food and energy, the gauge rose at a 1.7% annual rate last Qtr, up from 1.6% estimated last month. Prices including food and energy rose 0.5% last month and were up 3.0% in the last 12-months.
Help Wanted Index for Aug fell to 35 vs 39 previously reported with expectations having been for 39. It was at 37 a year ago and In the last 3-months declined in 7 of 9 U.S. regions. Steepest declines occurred in the West South Central (- 19.4%) and West North Central (-10.8%) regions.
Initial Claims for the week of Sept 24th were 356K vs 435K previously reported with expectations having been for 420K. The 4-week moving average of claims rose to 385K from 377K the week before. The number of people continuing to collect state jobless benefits increased to 2.802 Mln the week ended Sept 17th from 2.658 Mln the week before. The 4-week average rose to 2.652 Mln from 2.601 Mln. The insured employment rate rose to 2.2% from 2.1%.
Personal Income for August fell –0.1% vs 0.3% previously reported with expectations having been for 0.3%. It was the 1st decline since January with disposable income falling 0.1% in August following a 0.4% rise the previous month and was up 4.4% in the last 12-months.
Personal Spending for August fell –0.5% vs 1.2% previously reported with expectations having been for –0.2%. The decline in spending which was the biggest in more than 3-years pushed the savings rate up to -0.7% from a record-low -1.1% in July. Taking into account changes in prices, spending dropped 1.0%, the biggest decline since Sept. 2001.
Michigan Sentiment for Sept was 76.9 vs 89.1 previously reported with expectations having been for 78.0. The survey’s expectations component fell to 63.3 from 76.9 in August, while the index of current conditions dropped to 98.1 from 108.2 in August.
Chicago PMI for Sept rose to 60.5 vs 49.2 previously reported with expectations having been for 52.0. Chicago-area manufacturing showed expansion after shrinking a month earlier for the 1st time in 2-years.
Econ activity for the week to come includes Auto/Truck Sales, Construction Spending, Oil Inventories, Mortgage Applications, ISM Index/Services, Factory Orders, Initial Claims, Nonfarm Payrolls. Unemployment Rate, Wholesale Inventories and Consumer Credit…
I feel like our economy runs a direct parallel to that of the likes of our recent scenario with Hurricane Katrina… We see a monster storm on the horizon, but are doing little to address it...
1)Bubbles – housing, stock, bond, derivatives, credit, etc.
2)Debts – government, business, consumer, etc. (~$8 Trillion)
3)Triple deficits – current account/federal budget/trade balance (~$330 Bln)
4)Iraq/Afghanistan War (~$200 Bln and counting)
5)Hurricane Damage (~$200 Bln estimated)
6)Reliance on foreign investment from Japan, China, Korea, etc.
7)Exodus of capital out of the USA
8)Outsourcing of jobs and technology
9)Dismantling of manufacturing base
10)Exorbitant oil and energy prices
11)Inflation – stagnant wages not keeping up with cost of living
12)Weak US dollar – money supply exceeds GDP
13)Savings rate is negative or below zero
14)Pension plan shortfalls – assets worth less than commitments
15)Rising nominal rates coupled with declining real rates
16)Flattening/inverting yield curve
17)Slowing growth and productivity
18)Nonexistent business reinvestment
19)Bond market disconnect
20)Weak employment creation
I am sure I have forgotten some, but without getting politically involved (don’t get me started) these are the ones that come to mind. As the clouds grow evermore dense and the winds begin to pick up in strength, it is pretty clear a storm will make landfall. I cannot say with certainty when we will hit the wall, but it will be met with a reactionary measure instead of a proactive one, that much I can assure you. Hindsight is the easy part, it’s looking ahead that’s difficult…
Knowledge is Power…
WHAT CAN WE EXPECT NOW?:
In the past week I had laid out some guideline support lines for COMP 2100 -- SPX 1210 -- DJIA 10400 -- R2k 650 being at their respective lines in the sand. I did not believe these support areas would hold, but buffered this statement with the possibility of a post Rita bounce (mentioned in the previous update and reiterated in the Overview above). This week we will look at overhead resistance. We will start with a test of COMP 2151 or 38.2% Fib off of June low and currently bumping the 50DMA above -- SPX 1228 at its 38.2% Fib off of Aug low and currently bumping the 50DMA above -- DJIA 10576 or 38.2% Fib off of Aug low and currently bumping the 50DMA above -- R2k 667 or 38.2% Fib off of the June low and currently bumping the 50DMA above. So to be clear, we are at the current resistance levels that may or may not hold in the week ahead, but of note are the bumping of 50DMA’s across the board so all of the indices are moving in lockstep. My feeling is that these areas will be marked as a lower high before a move to a lower low, but we could see a continued move toward the lower highs off of the year’s highs. This would pertain to all of the majors except the DJIA, which has so much traffic between here and its yearly highs that I highly doubt it gets anywhere near that. The Equity P/C ratio is rather low at .53, market breadth is waning as new H/L’s and A/D’s are hardly making a case for a convincing breakout with McClellan, Summation and Bullish %’s all looking somewhat bearish and money flow being rather tepid. All in all I expect more weakness, but we may not get it until the following week. Time will tell… As for the U$D, Oil and Gold, I think we follow the same script as we have been seeing. The U$D may test 90 and has been receiving support due to interest rate hikes, an increase in yields and has lasted a little longer than anticipated. Either way, the U$D will not get far and has not had an adverse effect on Gold. If Gold were to decline, I do not expect $450 to be broken and that would most likely be followed by a launch into the upcoming Jolly season. Oil refuses to drop below $63 bbl and the H&S I had been watching has now transformed itself into a bullish pennant. With the uncertainty surrounding US production and 1.5 Mln bbls still shut in we may end up seeing $70 bbl again before the $57 bbl I am looking for.
Technically speaking, Bullish Advisors are at 53.2% with Bearish Advisors at 26.6%. The VIX is still in a range between 12-14 although at the lower end of this range while the VXN has broken below its 14-16 range and into the 13’s.. The CBOE Equity P/C Ratio ended the week at .533 with a 21DMA of .597. The RSI 5-Days are Neutral across the board. The $NASI Daily (Summation), $NAMO Daily (McClellan), NAHL Daily (Highs/Lows), $NAAD Daily (Advance/Decline) and Bullish %'s are still in downtrends and charts thereof can be viewed below along with the major indices…
XAU Voodoo Chart
NOTE:
I continue to hold a USPIX position, which I will flip to UOPIX when appropriate.
CORE:
Funds; HSGFX, PCRDX, PRPFX, QRAAX, RSNRX ,TAVIX, XLE
Individual Stocks; BHP, SWWC
Speculative Stocks; ANO
SWING:
PMPIX
Disclaimer:
This disclosure is not a recommendation to buy, sell or do as I do. It is only to give my thoughts on current market conditions and share the positions that I am holding. I am not a day trader and invest mostly in funds or baskets of stocks and attempt to identify up/down trends and occasionally perform swing trades.
OVERVIEW:
Another week, another update. One year ARM’s reached 5.0% for the first time since Apr’02 and the RTH, BKX and HGX received a respite from their steep declines as did bellwethers such as GE, IBM VZ, MSFT and INTC with one of the biggest winners being the TRAN index. As mentioned in the previous update with which this post replies; In the week ahead I am looking for more of the same, weakness across the board mainly spurned by weak economic numbers and the aftermath of Rita although Rita remains a wild card. The market may use it to push the market up because of the comparisons having been made to Katrina and in this light was far less destructive. -- Also of note is that all of these indices with the exception of the SPX are weak in tandem, in other words they are all very close to a 50% retrace. On the bullish side of the coin, this is generally an area where a bounce may occur. Couple this with the fact that all/most of these indices are just moving off of the lower Bband and that Rita may be viewed as a positive by this goofy market that finds a reason for an intermediate bounce. It looks as if my hunch about Rita may have come true as the market perceived this as a positive, but Oil prices and Econ #’s sent a different signal as Oil remained strong and Econ #’s remained weak. The COMP ended at 2151, S&P 1228, DJIA 10568 and R2k 667. The last couple of trading days for the week ended on a green note, but we may have only been witnessing some month end -- Qtr end window dressing. The CoT’s data shows very low open interest on the majors with Oil heading back up after a brief decline and Gold OI going through the roof. Long & Short positions can be viewed at #msg-7253670 – Equity funds reported net cash inflows totaling $2.020 Bln (-$21 Mln xETF activity) in the week ended 9/28/05 with $2.071 Bln ($873 Mln xETF’s) going to Non-domestic funds and Domestic funds reporting net outflows totaling -$51 Mln (-$894 Mln xETF’s). International funds reporte net inflows of $1.944 Bln ($746 Mln xETF’s) with all Developed and Emerging regions reporting inflows, including and excluding ETF activity. Money Market funds reported net cash outflows of -$12.052 Bln. Oil remained strong holding up in the mid 60’s while Gold remained in a consolidating pattern between 460-470 area with the U$D doing likewise in the 88-89 area. The CRB remains volatile, but bounced off its 50DMA and closing at 333. The 10-yrs and 30-yrs T-Note yields look stronger at 4.328% and 4.568% respectively…
ECONOMIC #’s:
Issues picked up this week... For the most part the numbers showed continuing weakness with some pockets of strength such as Existing Home Sales and Chicago PMI, but weakness was seen everywhere else.
Consumer Confidence for Sept was 86.6 vs 105.5 previously reported with expectations having been for 95.0. The biggest drop in confidence in 15-years threatens consumer spending which makes up 70% of the US economy. The percentage of consumers that saw jobs as hard to get rose to 25.4% from 23.1%. The percentage that saw jobs as plentiful fell to 20.1%, compared with 23.6% in August. The component of the index that tracks consumers' expectations for the next 6-months dropped to 71.7 from 93.3. A gauge of optimism about the present situation also fell, to 108.9 from 123.8.
Existing Home Sales for Aug were 7.29 Mln vs 7.15 Mln previously reported with expectations having been for 7.11 Mln. The supply of homes available for sale, another gauge of housing demand, increased to 4.7 months' worth in August, from 4.6 months' worth the previous month. Existing home sales account for about 85% of all sales.
New Home Sales for Aug were 1.237 Mln vs 1.373 Mln previously reported with expectations having been for 1.350 Mln. The decline in sales, the sharpest drop since November, pushed the supply of homes on the market up to a record 479K at the end of August. Sales dropped in all four major regions of the country. They were off 22% in the Northeast, 17.9% in the West, 10.6% in the Midwest and 2.2% in the South.
MBA Mortgage Applications fell 6.6 percent to 721.2 from 772.2 a week earlier. Applications to purchase homes fell 3.4 percent to 483.1, while filings for loans to refinance mortgages dropped 10.5 percent to 2106.6. Mortgage rates rose to 5.85% from 5.81% a week earlier The rate on the 15-year mortgage rose to 5.44% from 5.38%, while the rate on a 1-year adjustable mortgage increased to 5.02% from 4.94%.
Durable Orders for Aug rose 3.3% vs –5.3% previously reported with expectations having been for 0.7%. Excluding transportation equipment, orders rose 4.2% with total shipments rising 1.7%. Orders for transportation equipment rose 1.4% after dropping 8.7% in July. Bookings for motor vehicles rose 0.8% and commercial aircraft orders rose 9.4% after falling 21% the previous month.
ICSC-UBS Weekly Chain Store Sales for the week rose to 0.1% after reporting a decline of –2.1% in the previous week.
Oil Inventories as reported by the DoE (Dept of Energy) and API (American Petroleum Institute). Crude according to DoE fell by –2.4 Mln bbls, but according to API fell by –740K bbls. Gasoline according to DoE rose by 4.4 Mlm bbls and according to API rose by 2.2 Mln bbls. Distillates according to DoE fell by –500K bbls, but according to API fell by –120K bbls.
GDP/Chain Deflator/PCE for Q2 was 3.3% vs 3.3% previously reported with expectations having been for 3.3%. GDP rose to $11.1 Tln when annualized and adjusted for inflation. Without adjustment, the economy grew at a 6.0% annual pace to $12.4 Tln for the Qtr, compared with 7.0% in the previous 3-months. The GDP report included corporate profits for the Qtr. Earnings adjusted for the value of inventories and depreciation of capital expenditures or profits from current production rose 4.6% compared with an earlier estimate of 6.1% and a 5.6% gain in the 1st Qtr. Chain Deflator rose 2.6% vs 2.4% previously reported with expectations having been for 2.4% and the PCE or personal consumption expenditures price index rose 3.3% compared with 3.2% estimated last month and 2.3% in the 1st Qtr. Stripping out food and energy, the gauge rose at a 1.7% annual rate last Qtr, up from 1.6% estimated last month. Prices including food and energy rose 0.5% last month and were up 3.0% in the last 12-months.
Help Wanted Index for Aug fell to 35 vs 39 previously reported with expectations having been for 39. It was at 37 a year ago and In the last 3-months declined in 7 of 9 U.S. regions. Steepest declines occurred in the West South Central (- 19.4%) and West North Central (-10.8%) regions.
Initial Claims for the week of Sept 24th were 356K vs 435K previously reported with expectations having been for 420K. The 4-week moving average of claims rose to 385K from 377K the week before. The number of people continuing to collect state jobless benefits increased to 2.802 Mln the week ended Sept 17th from 2.658 Mln the week before. The 4-week average rose to 2.652 Mln from 2.601 Mln. The insured employment rate rose to 2.2% from 2.1%.
Personal Income for August fell –0.1% vs 0.3% previously reported with expectations having been for 0.3%. It was the 1st decline since January with disposable income falling 0.1% in August following a 0.4% rise the previous month and was up 4.4% in the last 12-months.
Personal Spending for August fell –0.5% vs 1.2% previously reported with expectations having been for –0.2%. The decline in spending which was the biggest in more than 3-years pushed the savings rate up to -0.7% from a record-low -1.1% in July. Taking into account changes in prices, spending dropped 1.0%, the biggest decline since Sept. 2001.
Michigan Sentiment for Sept was 76.9 vs 89.1 previously reported with expectations having been for 78.0. The survey’s expectations component fell to 63.3 from 76.9 in August, while the index of current conditions dropped to 98.1 from 108.2 in August.
Chicago PMI for Sept rose to 60.5 vs 49.2 previously reported with expectations having been for 52.0. Chicago-area manufacturing showed expansion after shrinking a month earlier for the 1st time in 2-years.
Econ activity for the week to come includes Auto/Truck Sales, Construction Spending, Oil Inventories, Mortgage Applications, ISM Index/Services, Factory Orders, Initial Claims, Nonfarm Payrolls. Unemployment Rate, Wholesale Inventories and Consumer Credit…
I feel like our economy runs a direct parallel to that of the likes of our recent scenario with Hurricane Katrina… We see a monster storm on the horizon, but are doing little to address it...
1)Bubbles – housing, stock, bond, derivatives, credit, etc.
2)Debts – government, business, consumer, etc. (~$8 Trillion)
3)Triple deficits – current account/federal budget/trade balance (~$330 Bln)
4)Iraq/Afghanistan War (~$200 Bln and counting)
5)Hurricane Damage (~$200 Bln estimated)
6)Reliance on foreign investment from Japan, China, Korea, etc.
7)Exodus of capital out of the USA
8)Outsourcing of jobs and technology
9)Dismantling of manufacturing base
10)Exorbitant oil and energy prices
11)Inflation – stagnant wages not keeping up with cost of living
12)Weak US dollar – money supply exceeds GDP
13)Savings rate is negative or below zero
14)Pension plan shortfalls – assets worth less than commitments
15)Rising nominal rates coupled with declining real rates
16)Flattening/inverting yield curve
17)Slowing growth and productivity
18)Nonexistent business reinvestment
19)Bond market disconnect
20)Weak employment creation
I am sure I have forgotten some, but without getting politically involved (don’t get me started) these are the ones that come to mind. As the clouds grow evermore dense and the winds begin to pick up in strength, it is pretty clear a storm will make landfall. I cannot say with certainty when we will hit the wall, but it will be met with a reactionary measure instead of a proactive one, that much I can assure you. Hindsight is the easy part, it’s looking ahead that’s difficult…
Knowledge is Power…
WHAT CAN WE EXPECT NOW?:
In the past week I had laid out some guideline support lines for COMP 2100 -- SPX 1210 -- DJIA 10400 -- R2k 650 being at their respective lines in the sand. I did not believe these support areas would hold, but buffered this statement with the possibility of a post Rita bounce (mentioned in the previous update and reiterated in the Overview above). This week we will look at overhead resistance. We will start with a test of COMP 2151 or 38.2% Fib off of June low and currently bumping the 50DMA above -- SPX 1228 at its 38.2% Fib off of Aug low and currently bumping the 50DMA above -- DJIA 10576 or 38.2% Fib off of Aug low and currently bumping the 50DMA above -- R2k 667 or 38.2% Fib off of the June low and currently bumping the 50DMA above. So to be clear, we are at the current resistance levels that may or may not hold in the week ahead, but of note are the bumping of 50DMA’s across the board so all of the indices are moving in lockstep. My feeling is that these areas will be marked as a lower high before a move to a lower low, but we could see a continued move toward the lower highs off of the year’s highs. This would pertain to all of the majors except the DJIA, which has so much traffic between here and its yearly highs that I highly doubt it gets anywhere near that. The Equity P/C ratio is rather low at .53, market breadth is waning as new H/L’s and A/D’s are hardly making a case for a convincing breakout with McClellan, Summation and Bullish %’s all looking somewhat bearish and money flow being rather tepid. All in all I expect more weakness, but we may not get it until the following week. Time will tell… As for the U$D, Oil and Gold, I think we follow the same script as we have been seeing. The U$D may test 90 and has been receiving support due to interest rate hikes, an increase in yields and has lasted a little longer than anticipated. Either way, the U$D will not get far and has not had an adverse effect on Gold. If Gold were to decline, I do not expect $450 to be broken and that would most likely be followed by a launch into the upcoming Jolly season. Oil refuses to drop below $63 bbl and the H&S I had been watching has now transformed itself into a bullish pennant. With the uncertainty surrounding US production and 1.5 Mln bbls still shut in we may end up seeing $70 bbl again before the $57 bbl I am looking for.
Technically speaking, Bullish Advisors are at 53.2% with Bearish Advisors at 26.6%. The VIX is still in a range between 12-14 although at the lower end of this range while the VXN has broken below its 14-16 range and into the 13’s.. The CBOE Equity P/C Ratio ended the week at .533 with a 21DMA of .597. The RSI 5-Days are Neutral across the board. The $NASI Daily (Summation), $NAMO Daily (McClellan), NAHL Daily (Highs/Lows), $NAAD Daily (Advance/Decline) and Bullish %'s are still in downtrends and charts thereof can be viewed below along with the major indices…
XAU Voodoo Chart
NOTE:
I continue to hold a USPIX position, which I will flip to UOPIX when appropriate.
CORE:
Funds; HSGFX, PCRDX, PRPFX, QRAAX, RSNRX ,TAVIX, XLE
Individual Stocks; BHP, SWWC
Speculative Stocks; ANO
SWING:
PMPIX
Disclaimer:
This disclosure is not a recommendation to buy, sell or do as I do. It is only to give my thoughts on current market conditions and share the positions that I am holding. I am not a day trader and invest mostly in funds or baskets of stocks and attempt to identify up/down trends and occasionally perform swing trades.
**Happy Trading**
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