The July monthly competition starts tomorrow
June 30, 2008
Stocks declined for the second consecutive day on Friday as investors remained rattled from the previous day’s sell-off and record oil prices. In addition, tech weakness and deterioration in the financial sector added to the turmoil. In addition Prime Rate remained at 2% due to inflation risks (as expressed by the Fed). Stocks fell to the lows of the session after Moody's (MCO) announced that it is reviewing Morgan Stanley (MS) for a possible downgrade. Additionally, Lehman Brothers reported that Merrill Lynch (MER) could be facing another $5 billion in writeoffs - because of its exposure to the bond insurers. Rising oil prices added to inflationary fears during the session. Prices of crude oil for August delivery reached a record high $143 a barrel. In corporate news, Palm Inc. (PALM) posted a worse-than-expected quarterly loss after the market closed Thursday. Micron Technology (MU) posted a wider-than-expected quarterly loss late Thursday, despite higher revenue. Weak sales and falling home prices led KB Home (KBH), one of the US largest home builders, to a 55 percent drop in second-quarter’s revenues. The company also booked charges to lower the value of unsold homes, joint venture deals and land option contracts. Its shares fell 4 percent in afternoon trading.
In the Yalicoo’s arena, today is the last day of the June
monthly competition. Unless something extraordinary happen,
fieldGoals (17.18%) is going to win this competition. FieldGoals had an interesting strategy – he took advantage of a short uptrend period in the market to gain a substantial profit, and then sold all of his positions. This occurred almost two weeks ago; since then, he held no stocks and gave the other players the ‘opportunity’ to lose money as the market continued dropping.
Tech (5.01%) is currently placed second and has a 2.5% advantage above all other players. The struggle for third place will be interesting as more than 10 players have returns similar to the 2.66% of
daytr8r who is currently in third place.
In light of the NASDAQ 6.67% decrease during June, fieldGoals 17.18% return is amazing. All of you probably know how hard it is to gain a positive return during a declining market. According to most analysts we are definitely in a bearish period, meaning the market could continue declining or remain stagnant for a long period. Thus, it could be a very wise decision to follow the buying and selling of excellent Yalicoo investors such as
fieldGoals and others who proved to be able to beat the market even during such periods. Tomorrow we open the new
monthly competition, so this is your chance to increase your profits in July.
|
|