Holding on to Nice Gains Today

The market is holding on to decent gains as we head into the closing bell. The S&P 500 has been as high as 1,184.38. Interestingly, that’s near the close of 1,186.75 on July 17, 1998 which was the closing high before the market plunged later that year. The subsequent rally was so strong it nearly makes us forget how nasty that downturn was.

Despite having decent earnings, shares of Intel (INTC) have sold off today. However, the stock is merely giving back its run-up going into earnings. As I said before, this is a good buy under $20.

JPMorgan Chase (JPM) has also pulled back some after a good earnings report. This isn’t a major sell-off but I think JPM looks good under $40. As I said this morning, it’s possible that JPM could restore its 38-cent quarterly dividend. I doubt they’ll do that, but they could if they wanted to.

Apple (AAPL) also made news today by busting through $300 per share. I was happy to see AFLAC (AFL) get as high as $55.55 today. This is still an excellent stock to own. Wright Express (WXS) is one of the quieter stocks on our Buy List, but don’t let that fool you. The stock hit a fresh 52-week high today. It’s up 18% on the year for us. Jos. A Bank Clothiers (JOSB) also made a new high today. The stock is up 67% year-to-date.

Tomorrow we’ll get the report on wholesale inflation, and on Friday, we’ll get the report on consumer inflation. On the earnings front, Google (GOOG) reports tomorrow as does AMD (AMD). On Friday, GE (GE) reports. The good thing about the GE report is that the company is so diversified that it’s almost like a private sector GDP report.

Posted by on October 13th, 2010 at 3:23 pm


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