Gilead Back Above $40

Ugh! I take a few days off and the stock market plunges. Fortunately, we’re rallying today and gaining back much of what we lost. The market is currently up 314 points. The S&P 500 is closing in on 1,200 and the Dow is now over 11,500.

Still, last week was the worst Thanksgiving week since 1932. The Dow shed over 560 points. So far today is a good day for the cyclicals. Energy and Material stocks are leading the way while Financials aren’t too far behind.

Many stocks on our Buy List like Wright Express ($WXS), JPMorgan Chase ($JPM) and Deluxe ($DLX) are doing very well.

I was surprised to see Nicholas Financial ($NICK) get as low as $10.01 on Friday but since it was on such light volume, I wasn’t too concerned. Of course, there hasn’t been any news which ought to impact the stock greatly. NICK opened at $10.97 today and is now at $10.50. I don’t see any reason why it shouldn’t be back over $11.70 soon.

Interestingly, Gilead Sciences ($GILD) has recovered all the ground it lost since it announced the $11 billion deal to buy Pharmasset. One week ago, shares of Gilead plunged 9% on several times’ normal trading volume. If you held (as we did), you would now be ahead.

Posted by on November 28th, 2011 at 10:28 am


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