Cisco [CSCO 20.81 0.11 (+0.53%) ], Hewlett-Packard [HPQ 38.00 -0.22 (-0.58%) ] and Intel [INTC 18.37 0.19 (+1.05%) ] entered bear market territory this week, dropping more than 20 percent from their 52-week highs. Bank of America [BAC 12.64 0.17 (+1.36%) ] and Wells Fargo [WFC 24.00 0.51 (+2.17%) ] extended their total losses to more than 30 percent this week. Others losers this week, such as Exxon [XOM 59.80 1.32 (+2.26%) ], Microsoft [MSFT 23.93 0.11 (+0.46%) ], and Google [GOOG 458.83 7.85 (+1.74%) ], are already mired in one. We are âsubdued because the large names which so affected the indices are not, we contend, going anywhere,â said Laszlo Birinyi, in his monthly Birinyi Associates commentary. âItâs tough to go forward when one-third of the market is an anchor.â Birinyi, who is still bullish on the market and economy over the long-term, lowered his 2010 S&P 500 target to 1225 from 1325, representing about a 10 percent gain for the year. Without these large caps performing going into the end of the year, sentiment is still too negative and time to short for a rally of any more than that, he said. http://www.cnbc.com/id/38881527/
Shortie, I see your a fan Birinyi, I am also. Thanks for posting that. He is one of the very few I listen to, the other being Dennis Gartman. As much as I try to call the shots myself their opinion probably effects my opinion. Hot July markets lead to a sell off and a good buying opportunity in the fall (Stocks Trader's Almanac). We've had a hot July market and as we know we are working on a inverse H&S pattern. So with September being a low probability month we may form the right shoulder over the next few weeks and start to rally. My market indicators would have to turn first, I rely on them the most, and right now they are just starting to turn postitive but no where near bullish.
not a fan of Birinyi. if i quote him often it is probably because he makes frequent market calls and i see them in the news. is he really a perma-bull? then the fact that he lowered his year-end target could be a bullish sign.
No, he's not always right. If I remember correctly he was bullish back in April. Allright then, he's off my list Gartman stays though.... for now ....I guess maybe
Charles Nenner? Anyone ever hear of him? He was on Bloomberg making some wild calls. http://www.bloomberg.com/video/62419728/
In a move that may reflect a growing unwillingness to tie their personal fortunes to those of their companies, Wall Street insiders this year have undertaken more than five times the number of stock sales of their corporate shares as they have purchases. ___________________________________________________ Add this to the punch...and we will see what happens in Sept.
what's with the after hours buying? is this an indication? I'm still carrying long positions, I could sell at this point for a small profit, but then again I'd rather hold them overnight.