After enjoying the Christmas holidays, we're back after a one week vacation. Recapping what occurred during my hiatus:
On the day before Xmas, markets were uncharacteristically up, but afterwards the following four days including the last day of 2007 were red. Solar stocks continued to climb higher and was the top performing sector for the year.
Markets are trading within a range at present, between 1460 and 1490 on the S&P. Only made one wacky yearend trade of 50 shares of AAPL on 12/31 and at present its looking like a dud. It's difficult to initiate new longs when the overall indexes show short term downtrends. While there are potential one month plays as January is the time for low volume stocks to show momentum, I sense making one trade moves with ETFs could be the better play.
With the Iowa caucuses and election rhetoric in the air for tomorrow, I think the best opportunities are looking at the price and percentage gappers list to see if something wants to establish itself as a front-runner at least for the current week. I don't believe the solar sector will be the best performer this year but that doesn't mean they can't generate decent gains.
We're off to an uncharacteristically red start to 2008, but the same thing happened last month, and we were able to turn that into a 1.9% gain by monthend.
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