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Lemley Yarling Management Co
15624 Lemley Drive
Soldiers Grove, Wi 54655
Bud: 1-800 BLEMLEY (253-6539)       Kathy: 1-800-793-3665

October 17, 2014

Model Portfolio Value As of 17 October 2014

$ 735,483


Comment on Model Portfolio activity

This week the market completed a 10% correction on Wednesday when the DJIA drop 400 points before rallying a bit into the close. Then on Thursday morning a 206 point drop and then subsequent rally successfully tested that correction.

Ebola, ISIL. European recession, Greek bonds crashing, and other nefarious events were all the news and all the rage as the high frequency volatility had their best week in months... on Friday stocks rallied as the realization that - Ebola may not kill everyone in Texas, the hope that Europe governments would spend some money, - the bombing in Syria was showing some success and the big boys and girls deciding to go long or at least cover their shorts - led to a 1% rebound.

Stocks are still not out of the woods and another test would be positive but for the moment the tsunami tower has been arrested.

During rent week we sold Chicoís and Deere at losses to redirect that and additional money to more Whole Foods, Huntington Bancshares, GM common and warrants, Ascena, AT&T and Coach plus the repurchase of Verizon and the addition of Urban Outfitters (down 15% on Friday), and Hecla mining as a silver speculation.

We still have a bunch of cash ready to deploy if the 10% correction turns into a 20% wipeout.

The economy is fine, employments numbers are super, company health is very good and the correction we expected and the market needs are occurring. Not to worry. Itís all about the journey.
*****

 

 

October 10, 2014

Model Portfolio Value As of 10 October 2014

$ 732,454


Comment on Model Portfolio activity

Three weeks ago all was wonderful and all news was positive. Currently all news is negative and stocks are overpriced. And so it goes with the markets. Volatility has increased and bearish bets are being placed.

We have been awaiting a correction for it seems like forever. But now that it seems to have arrived we donít like seeing account values decrease any more than the next person. Happily we have large cash reserves which we have been slowly putting to work and at that same time we have pruned holdings to take advantage of perceived better options.

During the week we sold Post for a too large loss and placed the funds in GM common stock. We also sold Alcoa flat and added to our GM warrant position as well as adding shares of J.C. Penney that dropped on reports of flat September sales. Those actions were switching from less aggressive to more aggressive position.

We are not surprised by the sudden change of sentiment- thatís how corrections correct.
*****

 

 

October 3, 2014

Model Portfolio Value As of 3 October 2014

$ 749,634


Comment on Model Portfolio activity

During the week we traded DreamWorks for a nice profit when merger rumors surfaced and then sort of faded. We repurchased Abercrombie which we have had good luck trading this year. Cree dropped 20 % on a disappointing forecast and we added to shares. We also repurchased Sprint and bought a few more General Motors B warrants in accounts.

Doubt is creeping into the marketplace and even with an excellent Employment report on Friday the markets see more inclined to weakness than strength. That is healthy given the run higher over the last 15 months and we are hoping for but not predicting more weakness so we can continue to add issues to accounts.
*****

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



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15624 Lemley Drive Soldiers Grove, Wi 54655 1-800-793-3665
The factual statements herein have been taken from sources we believe to be reliable but such statements are made without any representation as to accuracy or completeness or otherwise. From time to time the Lemley Letter, or one or more of its officers or employees, may buy and sell as agent the securities referred to herein or options relating thereto, and may have a long or short position in such securities or options. This report should not be construed as a solicitation or offer of the purchase or sale of securities. Prices shown are approximate. Past performance is no indication of future performance.