Market Notes
The tug of war between the bulls and bears continued today. Apparently the bulls couldn’t get out of bed leaving the bears to chow down until midday when they lumbered away full from the day’s gorging. Buoyed by their second cuppa joe, the bears were able to partially repair the damage.
The good news is that the SPX, the DTX (Dow transports), and the OEX held onto major support with the VIX staying below 25 (although a close below 23.50 would have been nice). The bad news is that the DJIA (Dow industrials) and the Nasdaq closed below major support.
Who will this week’s battle? The opening tone tomorrow will be set by earnings from Merck and Chevron coupled with the Chicago PMI and consumer sentiment reports following shortly after the opening bell. Even if the market is down in the morning I expect it to drift up later as the big boys head out to the Hampton’s after lunch leaving the juniors and retail investors in charge.
Today’s Portfolio Picks
Here are my 10 long stock picks chosen from today’s *Blue Plate Specials* menu. They are chosen from the following lists: Breaking out to new highs, Breaking out to new highs on lower volume, Breaking out, and Low-priced leaders.
For more info on how this portfolio is generated and how you can construct your own, see the fund rules in the 4/21/10 blog. And remember to do your own due diligence!
Note: Long-term performance will be posted at the end of each month beginning with the end of August.