Tuesday’s one-day blunder gave investors the opportunity to snatch up stocks at a discount, which they did. On Thursday the market resumed its recent slow motion flat lining action. Perhaps, traders were taking a day off before today’s busy economic calendar.
Before the market opens, the second stab at 1st quarter GDP and the Chicago Purchasing Managers Index (PMI) will be released. Then later in the morning, the final Michigan Sentiment survey for May will be released. The GDP number could be a market mover, if it comes in dramatically worse than the first estimate for last quarter.
It is the last trading day of the month, which also can also add some volatility to the equation. After a rise of 1.69% in May, the renters will be looking for any excuse for profit taking. Should today be a down session; be prepared to be buyers at the close.
I plan on using the trading session to adjust our portfolios. I am seeking to put some capital into the financial sector and will look to raise some cash, likely from smaller positions or underperformers.
As for those short position we put on in Wynn Resorts (WYNN) the other day; the stock is now technically breaking down and acting as if there is a bigger problem at the hotel and casino chain. Hence, we are keeping our shorts on.
I was interviewed a few weeks ago by NJTV on the subject of the ABCs of Trading paper that I recently co-authored. The segment finally aired on Wednesday.
Lastly, it’s do-or-die for the Broadway Blueshirts. I see King Henrik shutting down the Bolts 3 – 1 sending the Rangers to their second consecutive Stanley Cup Finals.
Disclosure: At the time of this commentary Scott Rothbort, his family and/or clients of LakeView AssetManagement, LLC was short WYNN — although positions can change at any time.
Scott Rothbort is the President & Founder of LakeView Asset Management, LLC, a registered investment advisor specializing in high net worth private wealth management. For more information on investing with LakeView Asset Management, LLC call us at 888-9LAKEVIEW or request more information by clicking on the contact button on the top right hand corner of the website.
LakeView Management, LLC is a Nevada LLC, with its principal office located in Henderson, NV and branch office located in Millburn, NJ
Scott Rothbort is also the publisher of the LakeView Restaurant & Food Chain Report, a newsletter focusing in on food, restaurant, beverage and agricultural stocks. An individual subscription to the newsletter can be ordered at www.restaurantstox.com Furthermore; Scott is also a professor at the Seton Hall Stillman School of Business in South Orange, NJ.
– Read Scott’s intra-day thoughts and comments on Scutify for which he is a co-founder of its parent company Wall Street All-Stars, LLC
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