Quick thoughts on today's stock market action. $$ The market started out of the gate pretty decently, but then sold off pretty strong until the end of the day where there was the usual mysterious spike up into the close. But the market doesn't look very good. Stocks that we would like to see leading the market are falling. Defensive names, utilities, etc., are what held up the best.The market initially didn't seem to care about Alcoa, but $AA sold off pretty good - down over 4%. Is this what we're going to see during this earnings season? It looks like companies are going to reduce forward guidance. But the bulk of earnings start coming next week.Of course, Euro news remains the same. Kicking the can down the road is moving the can shorter and shorter distances. What's this latest one, just a week or so?I remain in cash and low-beta stuff. Still believe that Sell in May was the right strategy for 2012, and will look for places to get longer and more aggressive as stocks seem to be meandering back down near the bottom of the summer's trading range.
Tuesday, July 10, 2012
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