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We’re having a very good day today so far, although I could do without the leadership coming from the “hard asset” sectors like energy and basic materials. The S&P 500 is now above last Thursday’s high point. The Dow was just at 11,111, which must be some sort of sign.

The Buy List is being led today by Harley-Davidson (HDI), Expeditors (EXPD) and Fiserv (FISV). FactSet (FDS) is holding on to its big gain from yesterday. I’m waiting on Bed Bath & Beyond’s (BBBY) earnings after the close. Of Wall Street’s 25 estimates, the high is 36 cents per share, the low is 35 cents per share. Just to be different, I predict—no, guarantee—37 cents per share. When earnings came out three months ago, the stock was over $40 a share. Today, it’s down to $37.

Morgan Stanley (MS) is up after a strong earnings report. The brokerage has been the sick man of Wall Street. It’s trailed the rest of the industry in a furious rally for the major Wall Street brokers. David Weidner at MarketWatch notes that some smaller houses are moving in to take business from some of the big boys.

Volatility continues to rise. Today looks to be the S&P 500's 12th swing of 1% or more in the past seven weeks. In the six months prior to that, there were just eight such days.

Posted by edelfenbein at June 21, 2006 2:47 PM