The latest issue of the Iacono Research Weekend Update has been posted to the website and is now available for subscribers here. There will be no changes to the model portfolio or the buy ratings this week, but a few little noticed developments from last week are covered along with the ongoing covered call sales in the following discussion topics:
The executive summary is as follows:
After new record highs for U.S. stocks early in the week, a subdued outlook for global growth from the World Bank and violence in Iraq that led to surging oil prices tempered stock investors’ enthusiasm leading to modest declines for U.S. equity markets. Fresh stimulus in China pushed stock prices higher there and developments in Iraq led to renewed safe haven demand for Treasuries and gold.
The price of both agricultural goods and base metals saw sharp declines, but the energy market surged along with precious metals as shares of oil producers and mining companies saw big gains, the latter reestablishing itself as one of the best performing asset classes so far this year. For the week, the model portfolio jumped 1.9 percent and is now up 6.0 percent for the year.