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Tuesday's Portfolio Recap

|Includes:AINV, COP, EXC, Frontier Communications Corporation (FTR), HCN, NLY, WWE

Early strength this morning was followed by a strong midday rally after decent economic news and an oversold market brought in buyers. Late day profit taking resulted in the Dow, Nasdaq and S&P 500 all finishing off their highs. Each managed to end the day up over 1%.

I used weakness over the last several trading days to initiate small positions in high yielding names such as, World Wrestling Entertainment (NYSE:WWE), Frontier Communications (NYSE:FTR), Annaly Capital Management (NYSE:NLY) and Apollo Investment Corp (NASDAQ:AINV).

I began unwinding my position in Apollo Investment Corp (AINV) on positive price action. In addition, I used today's strength to begin to lightening up on ConocoPhillips (NYSE:COP).

I expect modest follow through tomorrow, but all bets are off for the end of the week as options expiration is Friday, August 20th.

Overall Sentiment: Cautious
Projection: S&P 500 sell-off to 1,042 followed by rally to 1,280

My largest positions at days end are:

  1. Cash - 14%
  2. Exelon Corp (NYSE:EXC) - 7%
  3. Health Care REIT (NYSE:HCN) - 7%

Disclosure: Long: WWE, FTR, NLY, AINV, COP, EXC, HCN