Friday, June 27, 2008

A welcome end to a down week

The markets reacted terribly this week to all sorts of developments, and fell sharply. I was out for most of the day today, but returned to see further declines as the markets closed. My financials and tech stocks suffered, while my oil drillers and True Religion (calls 4.7% of portfolio) held up nicely. Monday is the last day of the quarter, so next week we'll get to see if "window dressing" had anything to do with the sharp moves of the past two weeks (i.e. see if we get any reversals). Then again, next week may not be indicative of the weeks to come, as it precedes the fourth of July holiday. In any case, we will be moving into "earnings warning" season, so hopefully any preannouncements from my portfolio companies will be to the upside.