Week Review

I have been loud about my impression of the Fed rate cut this week. I was against it and I am fully against any other cuts that seem to be pricing into the system. It is a contrarian approach I'm aware. It's just by cutting now will only make the fallout later larger and more painfully. It's kind of like getting chicken pox when you're an adult...it is much worse than if you just got it over with when you were a kid.

That being said, I'm not against taking advantage of earning some money while the getting is good. The S&P advanced an impressive 2.8% this week. Someone over at Nesteggr had written that you had to be pretty dumb to not make money this week, or next. We will see about next week but it does look like it will shape up to be positive for equities.

How did I do? My portfolio sported a gain of 3.9%. It would have been better but a Merrill Lynch analyst downgraded ABX to neutral from buy based on the stocks current run. It shed over 2% Friday. Gold bullion is still a good place to be with a low dollar, which will only continue to trend lower.

AGN was one of my two stocks this week that posted a loss. Allergan was down a whopping 8 cents for the week. It should look a little brighter next week as analysts at Credit Suisse maintained their outperform rating on the stock and raised their price target to $67. That should be good news.