I thought some of you might be interested in seeing how the Fat Pitch Financials Portfolio positions fared today given all the doom and gloom in the air given yesterday’s international decline in equity prices. Today’s change in each of my position are as follows:
- Mothers Work (MWRK): +4.14%
- Western Sizzlin (WSZL): +2.69%
- US Bancorp (USB): +1.66%
- McGraw-Hill (MHP): +0.88%
- USG Corp. (USG): +0.80%
- Pfizer (PFE): -1.20%
- Concord Camera (LENS): -2.07%
- Broadridge Financial Solutions (BR): -2.55%
- Microsoft (MSFT): -3.09%
- Western Union (WU): -4.09%
Interestingly, half of my positions ended up for the day and the other half were down. The S&P 500 was down 1.11% today and the Dow closed down 128 points. However, this morning as the market was about to open it looked like things were going to be much uglier. Ben Bernanke then flew in to the rescue on his helicopter and announced a 75 basis point reduction in the federal funds rate.
I was surprised to see my Mothers Work position recover over 4% today. I’m not sure there was any real company specific news for Mothers Work. It just looks like clothing retailers in general today were up today. Maybe investors think the tax rebate being discussed on Capital Hill will spur people to by new clothes.
My biggest losers for the day were Microsoft and Western Union. I’m not seeing any major problems with either of these positions. Today’s moves are more reflective of Mr. Market’s manic depressive behavior than anything else.
I won’t be surprised if we see a few more down days this week. I’m currently 38% in cash in the Fat Pitch Financials Port, so I’m ready to swing at any fat pitches I spot in this fear driven market. In my personal portfolios, I’m pumping them up with new cash so I can be ready to pounce on great opportunities.