We think we will be up and down for the rest of the year based on reports true or not of a fiscal cliff resolution. This could be offset by news out of the EU as they continue to muddle along trying to solve their debt crisis.
For us in the US we bounce back between the sky is falling to everything will be okay. Personally at DWCM, we are continuing to focus on what stocks will add value to our Fund and our client portfolios. Most positions we created orders for were not filled due to the upswing in the markets this week.
We believe that if we are patient, some stocks will come back down as the equity markets likely swing from one extreme to another. This is where investing becomes a little difficult as you see stocks begin to climb while you wait patiently on the side lines. There is always that impulse to jump in but this is where having conviction and believing in your research and strategy can really pay off.
It has actually been several weeks since we last had any order transactions within the DWCM Fund. As we stated previously our recently placed orders this week have gone unfilled. We are okay with that as we will continue to wait patiently and continue to look for other opportunities.
We currently sit at a 21% return for the year while holding a cash position slightly greater than 50%. We have plenty of dry powder left to take advantage of any opportunities that the market may present to us. Ideally as we have stated the last few weeks we would like to see our cash position down near 40%.
The Week Ahead
There is a good deal of economic data being released this week. Markets are sure to trade off of this data while paying attention to Black Friday sales figures to give some indication as to how consumers will be spending this holiday season. Let us not forget amount any data and talk coming out of the EU while keeping a watchful eye on the situation in Israel.
- Mon - Chicago Fed National Activity Index, Dallas Fed Mfg Survey
- Tue - Durable Goods Orders, Ben Bernanke Speaks, S&P Case-Shiller HPI, Consumer Confidence, FHFA House Price Index, Richmond Fed Manufacturing Index, State Street Investor Confidence Index
- Wed - New Home Sales,
- Thu - Chain Store Sales, Richard Fisher Speaks, GDP, Jobless Claims, Pending Home Sales Index, Kansas City Fed Manufacturing Index
- Fri - Personal Income and Outlays, Chicago PMI, Farm Prices
Have a great week!
DreamWorks Capital Management
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