Weekly Review

Since I missed it last week I thought I'd get out my weekly performance early for all three of you who read this. S&P had a good week, advancing 2.1% mostly on hopes of a Fed rate cut and analysts who are clamoring for a .50 basis point cut. Even Countrywide gained a little bit of their loses back. Too bad.

I handed it to the S&P this week with my portfolio gaining a healthy 4.2% on the week. Las Vegas Sands of course was my big winner as I detailed earlier this week. It ended the week with a 18.1% gain. Proctor & Gamble posted a 3.5 percent gain and Allergen also posted a gain of 3.2%.

At this time I am going to announce my first sale out of my portfolio. I am cutting Bank of America. I added BAC to my portfolio on August 14th. I am cutting them showing a whopping 3% gain in the month that I have held them. I feel that with the big investment banks reporting next week and none of them have issued any type of earnings warnings it could be an ugly week for banks in general. I can't imagine Lehman Brothers, Bear Stearns, and Morgan Stanley can possibly put up good numbers. It also may shed some light on just how much exposure that they have to sub-prime loans. With that in mind, I cannot see holding Bank of America through this earnings season.

I think I drank a little too much of the kool-aid when the stock price had dropped. I am still not crazy about financial sector and may not be for a while.

Otherwise, have a good weekend. I am sure that I will have my say on what the Fed should do on Tuesday.