We see a heck of bounce back in the stock market again today after yet another down day yesterday, which came on the heels of an up day Friday…such is the way the market has traded for two weeks now. Net/net we are right now in the middle of the trading range of 17, 000 to slightly above 18,000. I mentioned last week that the path of least resistance for the stock market is probably higher for now and I wouldn’t be surprised to see us test the 18,000 range again soon, maybe as early as this week.
Twitter was downgraded this morning by a couple of firms. It’s pretty widely hated by Wall Street these days as evidenced by it hitting all time new lows today. I am going to scale into a little bit more Twitter common stock, about ½ as a many shares as I purchased last week.
Lions Gate is down fractionally since we added it last week. I am also going to buy another small tranche, ½ as many shares, as I did last week. You might have noted that Netflix announced that it is paying Disney for exclusive rights to stream the Disney Movie Channel. Lions Gates, like Sony, are playing on the growing demand for movie and t.v. libraries.
FireEye has jumped almost 10% in the last few days. No meaningful news and I am also going to nibble a small tranche on this name.
So to review, I am adding ½ as many shares of the names from the Teenager Stock Basket that we started last week (Trade Alert: Teenager Stock Basket).
So far in NYC, I have already met with the editor and chief and my editor from Market Watch, former publisher of Rolling Stone and Playboy, a Bloomberg reporter, and a television executive. I am right now headed to meet an executive from a publicly traded biotech firm and have lots more lined up today, tomorrow and Thursday. Life in the fast lane. I’ll have more insights and analysis from this trip later.