| Dear Friend,
It was a week of a little too much volatility for some of our underlyings, including MSFT and IBM which both fell 5% in a week before earnings when stocks usually move higher. Our composite portfolio value fell 2.5%, thanks in large part to the carnage in Wiley Wolf.
Big news coming soon - we will drop IBM in Honey Badger after they announce earnings next week, and we will replace it with AZN. Rising Tide (COST) has doubled in value for the second time this year, and we will withdrawing $8000 from the portfolio next week so new Auto-Traders can get started with about $8000.
Enjoy the full report.
Terry
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