The Market Today

Ugh! This was not a good day for the Buy List. Right now, I’m looking around for a red flag I can toss out onto the field for a video review. Upon further review, perhaps today didn’t happen. For the record, the S&P 500 fell 0.58% today, and our Buy List fell 1.15%. Youch! It was actually worse earlier in the day. We still have our slight lead over the market for December, but I’m far too competitive to settle for a slight lead.
Only four of our 25 stocks went up. Oddly, we didn’t have any major individual losses. Our biggest dud was eBay (EBAY) which dropped 2.87%. That’s not so unusual for eBay. Frontier (FRNT) had an interesting day. I was curious to see if it could follow up its huge day on Friday. FRNT opened lower today, but rallied and finished just one penny lower. Not bad. The company also reported that it’s adding two more Mexican destinations. Also, IBD ran a bullish article on the airline sector today.
On Wednesday, Biomet (BMET) will report its earnings. The current estimate is for 43 cents a share. The stock has been pretty flat lately. I’d like to see a nice rally there.
On the overall market, decliners beat advancers by more than four-to-one, which is the broadest sell-off since October. Outside our Buy List, Pfizer (PFE) gained 7.7%. Merck (MRK) was up almost as much, rising 7.5%. Ford (F) had its debt downgraded to junk status. I guess American car-making was a 20th century event. The semiconductor sector was weak today and oil fell again. A barrel of crude is now below $58. Small-cap stocks were especially weak today. The Russell 2000 lost 1.59%.
If today did indeed happen, then I’m eagerly looking forward to tomorrow. That’s what I love about Wall Street. An opening bell is never far away.

Posted by on December 19th, 2005 at 6:13 pm


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