The following drama unfolded in the markets last week. I have no idea what difference it makes, but many investors are soiling their pants.
May existing home prices fell 1.2%.
Mr. Bernanke, the Federal Reserve Chairman, is leaving on January 31, 2014.
Durable goods orders were unchanged.
Mr. Bernanke, the Federal Reserve Chairman, is leaving on January 31, 2014.
SAC Capital was indicted. Finally someone realizes that retail investors could be getting screwed.
Mr. Bernanke, the Federal Reserve Chairman, is leaving on January 31, 2014.
Long-term interest rates went from less than nothing to almost less than nothing.
Mr. Bernanke, the Federal Reserve Chairman, is leaving on January 31, 2014.
Japan's Nikkei Index fell 3.2%.
Mr. Bernanke, the Federal Reserve Chairman, is leaving on January 31, 2014.
Quarterly (unaudited) earnings were reported by 157 S&P 500 companies. Top line financial statement growth was lackluster.
Mr. Bernanke, the Federal Reserve Chairman, is leaving on January 31, 2014.
I have no idea how, or even if, these events impacted your portfolio. One can only hope that Ms. Claus does not give birth to triplets.
Hi. My name is Wax, and I am an individual investor, a working class investor, just trying to do the best I can in a world that was never intended for investors like me.
Throughout the course of the week, I post a Daily Alert, which is my review of an individual equity. It is intended to help the reader decide if that particular equity is worth their time to research.
The other thing I do, is let the world watch as I manage the The Wax Ink Portfolio.
Perhaps watching me make the mistakes I make will help other blue collar investors avoid the investing pitfalls that seem to find me.
Enjoy your weekend
Wax
Markets
The Wax Ink Portfolio was down 1.1% for the week. By comparison the Dow was up 0.1%, the Nasdaq was up 0.7%, the S&P 500 was unchanged, and the Russell 2000 was down 0.3%.
The Volatility Index, commonly known as the VIX, was up 1.4% for the week, closing at 12.72. The VIX is down 16.5% for the year.
Year to date, the Wax Ink portfolio is up 15.8% while the Dow is up 18.7%, the Nasdaq is up 19.7%, the S&P 500 is up 18.6% and the Russell 2000 is up 23.3%.
Breakdown
The portfolio breakdown remained unchanged with roughly 69% of the portfolio in equities, 31% of the portfolio in cash, and 0% of the portfolio in bonds.
Research
I finished baseline equity reviews on the following companies during the course of the week. My rating follows the ticker symbol.
Capella Education Company (Nasdaq: CPLA) - No Investment Interest
Carlisle Companies Incorporated (NYSE: CSL) - No Investment Interest
Celanese Corporation (NYSE: CE) - Loss of Investment Interest
Celestica, Inc. (NYSE: CLS) - Initial Investment Interest
Coach, Inc. (NYSE: COH) - Loss of Investment Interest
Federal-Mogul Corporation (Nasdaq: FDML) - No Investment Interest
Heidrick and Struggles International, Inc. (Nasdaq: HSII) - No Investment Interest
Holdings
This week's moving on up stocks were iron ore company Cliffs Natural Resources (NYSE: CLF), up 11%, oil refiner Holly Frontier Corporation (NYSE: HFC), up 5%, and technical services company SAIC, Inc. (NYSE: SAI), up 5%.
This week's floaters in the bunch bowl stocks were specialty chemical maker W.R. Grace and Company, Inc. (NYSE: GRA), down 11%, heavy construction contractor Layne Christensen Company (Nasdaq: LAYN), down 6%, and building materials and telephone headset maker Griffon Corporation (NYSE: GFF), down 4%.
Not Performing
The top portfolio non-performers remain communications equipment company Tellabs, Inc., down 59% since being added to the portfolio, iron ore company Cliffs Natural Resources, Inc., down 41% since being added to the portfolio, and garage door/telephone headset maker Griffon Corporationdown 33% since being added to the portfolio.
Wax Ink is a baseline equity research company not licensed or registered with any government agency.