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The week that was:
It appears every time the stock market tries to go up, various Fed officials give negative statements that cause a sell-off. It is a good strategy to make sure investors do not get too comfortable. Market conditions are tricky at present. There were two mini sell-offs this week. I had raised a lot of cash several weeks back preparing for this situation. Refer back to my newsletters from a month back for more details.
I used some of the cash to add to positions in Starbucks, Disney, Netflix, SAP, and Stanley Black & Decker. These stocks may still go down further, but they are already down considerably and I intend on holding them for the long term. The good thing with bear markets is they give you an opportunity to buy blue-chip stocks at good prices. The important thing is to patiently hold on to them for years.
Buys -
Bought 5 DIS at $130.98
Bought 7 SBUX at $79.87
Bought 2 SWK at $141.38
Bought 1 NFLX at $344.19
Bought 4 SAP at $105.93
Sells -
None.
Interesting News:
Interesting article on NPR that describes the unionization drive underway at Starbucks. The article focuses on a local store. SBUX stock is under pressure due to this. It is a good long term buying opportunity.
What I am watching out next week:
Many companies will start reporting quarterly earnings this week. Netflix will report on Tuesday.