I'm deleting Aberdeen Asia-Pacific Income Fund (FAX) from the Barchart Van Meerten New High Portfolio for negative price momentum.
FAX is a closed-end, non-diversified investment company seeking current income through investment primarily in Australian debt securities. The fund may also achieve incidental capital appreciation. It won't this year. With a yield of 6.09% and a price loss of 3.21% this is not a winning position.
I'm afraid of all sovereign and municipal debt in the short term. The great argument at present is whether to raise revenue and cut spending or cut taxes and raise spending.
Technical reasons:
- 60% Barchart short term sell signal
- Barchart Trend Spotter (tm) sell signal
- Trading below both its 20 and 50 day moving average
- Relative Strength Index 46.16% and dropping
Disclosure: I am Long FAX. Additional disclosure: I was long but have placed a sell order.
