Welcome back Meta-Traders.It was a rough week on world markets. Recall from last week's post, I went into Monday loaded up long on stocks. Well we gapped down on Monday and struggled for the rest of the week attempting several times to recover, just to get smacked down once again.
On the positive side some of my technology stocks held up pretty well. Web retailer Amazon (AMZN) came in slightly taking some premium out of my short call position, which is good. We also saw new all-time highs in Netflix (NFLX) this week, and a new all-time closing high in Apple Computer (AAPL) ahead of earnings due out this coming Tuesday. We also had good earnings in my favorite restaurant stock YUM Brands. These positions allowed to to pull slightly ahead of the S&P 500 for the first time since early January.
The beating extended to Forex as well with nearly every account getting whacked this week. Leading the way down was Atipaq Full Portfolio which gave back about 8% on the week. Checking some other accounts on Asirikuy they also took a similar beating.
Nearly every other account was down as well.
World events were not much help. Debt problems nearly all over Europe put pressure on the EUR, while a seeming budget impass in Washington did no favors for the USD. All around, it was an ugly contest with Europe, and the US competing for supremacy in a contest of who is more disfunctional.
My own frustration with the debt situation aside, there's not much we can do about it except to focus on things that are under our control. So with that said, i'm off to get some rest, spend some time with the family and perhaps do some home improvement.
Let's look for some better news next week and have a great day!
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