|Day Low/High||7.40 / 7.75|
|52 Wk Low/High||6.10 / 23.36|
We added one new name to the Bullpen during a holiday-shortened week that ended with the worst daily decline since late June.
We added to two portfolio positions this week and also used market strength to book some profits.
In a largely quiet week for the market, we exited one position and trimmed 2 others, booking profits in each case.
We used market volatility to add a new position this week and add take profits in another holding.
We used market volatility this week to close one position and add to two others.
Oil services stocks are mired in bear market territory.
It was a busy time of earnings reports for the model portfolio, as the market rose for the sixth straight week.
Trade-Ideas LLC identified McDermott International (MDR) as a "dead cat bounce" (down big yesterday but up big today) candidate
U.S. stocks reached a 5-week winning streak, but our model portfolio did not engage in any trades this week.
McDermott (MDR) stock is gaining on Wednesday afternoon following the company’s solid earnings for the 2016 second quarter.
Analysts see lower earnings than a year ago at McDermott, while Zix is expected to beat the year-earlier quarter.
Stocks have gained for 4 consecutive weeks and remain overbought, as evidenced by our model portfolio’s 30% cash position.
Investors in McDermott International, Inc. saw new options become available today, for the September 16th expiration.
With the market appearing overbought on a number of metrics, the model portfolio may favor booking profits.
Performance varies. McDermott continues to outperform crude oil, while Noble and Tidewater remain in bear market territory.
Stocks rose for the week and June posted a better-than-expected jobs report, however, the model portfolio did not conduct any trades.
Although stocks rebounded during the week post-Brexit selling, we increased our positions in 3 of our model portfolio holdings.
Financials were among the hardest hit after the Brexit vote, prompting our model portfolio to add to our banking stocks.
Portfolio manager Barry James likes Brandywine Realty Trust, Newmont Mining, McDermott and Verizon.
With market weakness expected to continue to linger, our model portfolio considers it a potentially good time to buy.
We trimmed two positions in the model portfolio this week amid overall market strength.
With the probability of an interest rate hike at the June FOMC of just 4% and also lingering uncertainty about rising interest rates over coming weeks and months, we remain comfortable with the model portfolio.
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