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The North Korean missile launch has rattled the markets. The launch was a dud but it managed to hit all the major indexes today. The bond market is also trading lower.

Once again, I’m surprised by the strength of the energy sector. The Dow Jones Oil and Gas Index (^DJUSEN) is now up to 483. Just three weeks ago, the index closed at 421.72. Oil is back over $75 a barrel.

On our Buy List, Expeditors (EXPD) is feeling the most pain. The stock was downgraded by Stephens. Bed Bath & Beyond (BBBY) continues to baffle me. The stock reached a new 52-week low today despite its decent earnings report from two weeks ago. Many of the retailers are weak today. As strange as BBBY, Home Depot (HD) is getting ridiculous. The stock also made a new 52-week low, and it’s going for close to 11 times next year’s earnings.

Posted by edelfenbein at July 5, 2006 2:17 PM