The stock market continues to do well. We have had some consolidation this last couple of weeks and stock prices have held firm. Looking at indexes like the NASDAQ a case can even be made that we are now climbing out of the recent consolidation. During this consolidation there has been some sector rotation in particular the cloud computing stocks got hit quite badly and continue to be weak, these stocks are no longer leaders. However other stocks have come to the front and are helping move the major stock market indexes higher. Indexes such as the DOW are lagging a little but this index is very focused and has been impacted by the turmoil in financial stocks. The recent news from the government about stalling housing foreclosures sounds good for housing short term. However in the long run this will prolong the housing crisis since we cannot get excess inventory onto the market and sold off. This has impacted the financial stocks recently which also impacted some of the financial heavily laden indexes.
All things considered we are not seeing a general sell off so the plan should be to remain invested and look for positions in new companies, add to existing positions and tighten up on sell stops where a company looks to be slipping. In particular be careful during this earnings season which is about to start. As companies announce better or worse numbers, this can very easily change the playing field for better or worse.
Here are a few more stocks performing well and looking ready to move higher if the stock market holds up. Make sure as always that earnings are not imminent for any new purchases. Remember this blog site is not a newsletter that promotes stock tips or penny stocks. Rather the idea is to teach stock selection with low risk advice.
HLF - $65.89
TZOO - $27.18
MASI - $28.94
TEO - $22.72
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