July 25, 2014
Comment on Model Portfolio activity
We added some earnings/revenues
misses to our Coach position purchased two weeks ago. Xilinx, the chip company,
dropped 20% and Juniper dropped 10% both on tepid forecasts.
General Motors announced a $1.5 billion write-off and dropped 10% below our
last sale price and we repurchased a tranche of the B Warrants. Finally we
added Abercrombie for another trade and decided to take a chance on Whole
Foods, priced at its two year low, on a positive or merely neutral
earnings/revenues announcement on Monday next.
We are only 20% invested in
the Model in good stocks. We await more earnings related opportunities and/or
the 10% correction to put more dollars to work.
*****
July 18, 2014
Comment on Model Portfolio activity
On Monday last Goldman raised its year-end target for the S&P 500
to 2050 from1900. Given that the S&P 500 was at 1975 that call was/is a no
brainer.
During the week we closed out our AT&T position for a trading
profit plus the quarterly dividend.
Our lone holding is Coach. Handbags anyone?
Jeff Saut’s comment for this
week (July 14-19)
Toward the end of last week
I wrote, "I think the equity markets will remain on the defensive into
week's end and then attempt a rally next week. If in that attempt the SPX
fails to achieve a new high, then the markets will become more vulnerable to
the 10% to 12% decline called for by the historical odds sometime this
year." And this morning, on the better news tone from Israel, the
preopening futures are better by six points. So we will see if the SPX
can indeed achieve a new all-time high.
If
If you can keep your head
when all about you
Are losing theirs and blaming it on you;
If you can trust yourself when all men doubt you,
But make allowance for their doubting too:
If you can wait and not be tired by waiting,
Or, being lied about, don't deal in lies,
Or being hated don't give way to hating,
And yet don't look too good, nor talk too wise;
If you can dream---and not make dreams your master;
If you can think---and not make thoughts your aim,
If you can meet with Triumph and Disaster
And treat those two impostors just the same:.
If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to, broken,
And stoop and build'em up with worn-out tools;
If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings,
And never breathe a word about your loss:
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: "Hold on!"
If you can talk with crowds and keep your virtue,
Or walk with Kings---nor lose the common touch,
If neither foes nor loving friends can hurt you,
If all men count with you, but none too much:
If you can fill the unforgiving minute
With sixty seconds' worth of distance run,
Yours is the Earth and everything that's in it,
And---which is more---you'll be a Man, my son!
Rudyard Kipling
*****
July 11, 2014
Comment on Model Portfolio activity
Markets meandered this week in a continuation of the holiday
action. A Portuguese bank failure riled markets for about 20 minutes on
Thursday but that was it for any interesting action this week.
We continue to watch and watch.
*****
July 4, 2014
Comment on Model Portfolio activity
We added Coach, the luxury retailer, during the week which
is selling at half its four year high and yielding 4%.
We remain cautious but may trade a few earnings disasters in
quality issues in the next month as third quarter earnings are reported.
Happy Fourth.
*****
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FAIR USE NOTICE
This site contains copyrighted material the use of which has not always been specifically
authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental,
political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any
such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107,
the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for
research and educational purposes. For more information go to:
http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use
copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.
Website Information
For Information on RBC LLC SIPC and Excess SIPC protection http://www.rbcadvisorservices.com/partner/testimonials/cid-161786.html.
For those clients of LY& Co and other
interested persons the Quarterly Report on the routing of customer orders under
SEC Rule11Ac1-6.
All SEC Rule11Ac1-6 Quarterly reports up to March 2, 2012 may be found by visiting
the diclosures at LY& Co Clearing Broker Mesirow Financial
at: http://www.tta.thomson.com/reports/1-6/msro/.
From March 2, 2012 forward all
SEC Rule11Ac1-6 Quarterly reports may be found by visiting the website
http://www.rbccorrespondentservices.com/cid-112218.html.
Annual offer to present clients of Lemley Yarling Management Co. Under Rule 204-3 of the SEC Advisors Act, we are pleased to offer to send to you
our updated Form ADV, Part II for your perusal. If any present client would like a copy, please don't hesitate to write, e-mail, or call us.
A list of all recommendations made by Lemley Yarling Management Co. for the preceding one-year period is available upon request.
Business Continuity Plan
https://www.rbccm.com/usbrokerdealer/cid-207937.html