The Market Extends Its Gains

The stock market is having another strong session. It’s too early to say but I think Doug Kass may be right, the market has made its low for the year.
I’m particularly glad to see that AFLAC (AFL) is over $49 a share. I’m slightly concerned that today’s rally is heavily weighted towards cyclicals because I don’t think that group will be leading the market over the next year.
The numbers look good: All 20 of our stocks are currently up for the day. After dipping in the red, the Buy List is back in the black for the year. Excluding dividends, we’re up about 2% for the year.
On the news front, the government announced that the trade deficit unexpectedly widen in May. Imports and exports rose to the highest level since 2008. Alcoa (AA) is doing well today after it reported decent earnings, although I don’t see much to like in the stock. To me, the real drama will come when Intel (INTC) reports after today’s close. Only recently has Intel started to perk up.
Lastly, I see that Amedisys (AMED), which was a star stock last decade, is having troubles this decade. The home health and hospice care provider said that earnings were going to come in below expectations. Wall Street analysts are jumping ship. How quickly fortunes can change.

Posted by on July 13th, 2010 at 12:33 pm


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.