Week of Apr 13 2018 Weekly Recap & The Week Ahead

“During major sustained advances in stock prices, which usually occupy from five to seven years of each decade, the investor can complacently hold a list of stocks which are currently unpredictable. He doesn’t worry about the top because he knows he is never going to sell at the top. He knows that the chances are overwhelming in favor of the assumption that he will get far better prices by waiting until after the top is passed and a probable reversal in trend can be identified than he will ever get by attempting to anticipate the top, and get out on the nose. In my own experience the largest profits we have ever taken have come from stocks purchased while they were making a new high in a market which was also momentarily expecting the top.
As I have already pointed out the absolute price of a stock is unimportant. It is the direction of the price movement that counts. It is always probable, but never certain, that the direction of the price movement will continue. Soon after it reverses is time enough to sell. You should sell when you wish you had sold sooner, never when you think the top has arrived. That way you will never get the very best price—by hindsight your individual transactions will never look daring. But some of your profits will be large; and your losses should be quite small. That is all that is necessary for a satisfactory, enriching investment performance.”
— Edgar S. Genstein

1. Nine West Files for Bankruptcy — Nine West Holdings filed for Chapter 11, listing debts of more than $1B. The company will use the bankruptcy to sell the Nine West and Bandolino businesses to Authentic Brands Group, while reorganizing around other brands including Anne Klein.
2. Venezuela Stops Paying Bond Holder — Venezuela stopped paying bondholders in September, according to central bank data, contradicting statements by President Maduro that the country would continue to honor its debts while negotiating a creditor restructuring. The debt crisis could hit another fresh low today as a $650M bond from Electricidad de Caracas matures with little hope it will get paid.
3. Google and AMA Team for Fostering Data Sharing — Google and other big tech companies are looking to partner with established industry players to promote innovation. Google (GOOG, GOOGL) is now teaming up with the American Medical Association, a physician lobbying group, on a plan to get startups to come up with the “best new ideas for fostering data sharing from health monitoring devices.”
4. Airlines Warned on Strikes Over Mediterranean Over Syria — Airlines have been warned to steer clear of the eastern Mediterranean over the weekend due to possible air strikes on Syria. The Trump administration reportedly won the support of France, the U.K. and Saudi Arabia and hit selected sites in Syria late Friday night.
5. AAII Weekly Sentiment — in this this latest weekly bullish sentiment, the bulls dropped from 31.9% down to 26.09%. This marked the fourth straight week of declining bullish sentiment and took the percentage of bulls to the lowest level since last August.

Also, In this week’s survey, bearish sentiment surged from 36.6% up to 42.75%. Bearish sentiment has now increased by more than 20 percentage points in the last four weeks and is at its highest level since last March.

6. GE Explores Hybrid Deals & Spinoffs — General Electric (NYSE:GE) is exploring a public offering for one of its divisions and is discussing hybrid deals with public companies to combine assets in a way that avoids a big tax bill, WSJ reports. Such moves would give GE and its shareholders a chance to participate in the turnaround of struggling businesses rather than risk selling at inopportune times.
7. Russia Weighs Sanctions on the U.S. — Russian lawmakers have drafted legislation in response to new U.S. sanctions. It would ban American food and agricultural products, tech equipment and software, medical products, and tobacco and alcohol. The draft also proposes barring cooperation on atomic energy and aerospace, and stopping U.S. firms from taking part in Russian privatization deals.
The week ahead — Economic data from Econoday.com:

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