Best Day Since the Election

I expect this week to be a rather slow week for trading stocks. The good news is that we’re off to a good start. The S&P 500 is currently up over 1.4%, which, if it holds up, would make today the best day since the election.

So far, the cyclicals are leading the show. The materials and energy sectors are both up nicely, and the techs are also doing very well. The tech sector has been doing very poorly recently. The Nasdaq, in fact, dropped over 10% which usually marks the point at which folks declare a correction.

I’m impressed to see Lowe’s ($LOW) doing well today. The company reported very good quarterly results. We’re moving into the “off-cycle” part of earnings season where companies whose quarter ends in October report their earnings. This is a small minority of companies on Wall Street, but a few like Medtronic ($MDT) and Lowe’s are worth watching. I think the Lowe’s news is more confirmation that housing is helping consumers.

Posted by on November 19th, 2012 at 12:01 pm

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