The market continues to digest all the news that is coming out. I am basically staying on the sidelines now. BA will be jettisoned soon as a way to raise cash if need be. Many of the stocks in the Dow are in a downtrend sans AIG, DIS, MO, PG, XOM.
- The University of Michigan has released a preliminary read on January consumer sentiment of 95.8, slightly less than expectations of 97.5
PM Notes
Another down day. I am wondering what it will take to move the market higher? Earnings have been coming in OK. Nothing great. Nothing bad. Could we be at the end of a bull market? Is the market figuring that Q2 is going to disappoint? Looking at the Dow stocks, they are going down. It is a little strange that even the big pharmaceuticals are going down. I thought these stocks were safe havens in times of trouble.
Energy has done well. Maybe energy stocks are the new pharmaceuticals? People have figured out that there is only so much oil in the ground. There is a new country emerging, called China that I guess wants some of this energy too. The perception of energy has change and investors want it. Do people still need their heart medication? What about Viagra? My guess is that the generic drug manufactures have changed the playing field a bit. There are now companies that can produce a cheaper drug... but there are no companies that can produce cheaper oil/gas/diesel. I guess that is the difference.
Enough of my soap box drivel. I sold BA. Time to raise cash. Time to sit still.
Have a great weekend!
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