Waiting for the Market to Consolidate…

Nicholas Vardy

Nicholas Vardy has a unique background that has proven his knack for making money in different markets around the world.

However you slice and dice it, last week was a lousy one for stocks. The Dow declined 3.9% for the week to mark its biggest loss since a 4.4% swoon in late February. The S&P shed 3.5% for the week, while the Nasdaq fell 3.5%. Market technicians point out that neither the Nasdaq or NYSE indexes were able to hold above their crucial 200-day moving averages. But I still am positive about the direction of the market. Other historically strong technical indicators are hinting that the market may have hit bottom in mid-March.

Nevertheless, with the market moving in a negative direction, I’m holding off on making a specific recommendation this week. It is better to just sit tight and see where the market takes us from here.

Meanwhile, here is a quick update on some of your current positions:

Mechel Open Joint Stock Company (MTL) sold off a sharp 13% last week after its 3-for-1 stock split. The good news is that Deutsche Bank analysts quickly upgraded the stock to a "Buy” with a target price of $60. This is a hugely volatile stock. But if you’ve got the stamina, this might be a good opportunity to add to your position.

CurrencyShares Japanese Yen Trust (FXY), the top defensive position in your Global Bull Market Alert portfolio, was your top performer last week. It is in times of market uncertainty that the yen shines.

Market Vectors Coal ETF (KOL) held up much better than the market as whole last week. The relative strength of this ETF during a bad week is reassuring.

NII Holdings Inc. (NIHD) fell last week along with the rest of the market. But with insiders buying this stock heavily at around $47.95, prospects for this George Soros favorite still look strong.

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Your Global Stock Investor portfolio had another solid week, as risk aversion in global markets continues to decline. ArcelorMittal (MT) and iShares MSCI Brazil Index ETF (EWZ) both soared to record highs. Each hit $100 for the first time. Transocean (RIG) also hit a record, as oil breached the $130 dollar mark. Barrick Gold (ABX) nudged into positive territory as the price of gold recovered above $900 an ounce.


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