The market followed up yesterday gains with a relatively quiet day of consolidation. Economic data continues to be mixed with Case-Shiller coming in slightly better than expected while the Richmond Fed index and Consumer confidence figures disappoint. In the end it really is noise the market generates and it gives something CNBC and FBN can waste people’s time talking about. What ever floats your boat or yacht! It doesn’t float our boat, but what does is price! The market did put in an inside day which is a bullish signal. We continue to see positives in this market regardless of what anyone’s opinion of the current state of affairs. Price pays and right now we remain in an uptrend.
We caught a bit on CNBC asking if the market is putting in a top. How many people have been calling for a market top and for how long? Sure, this could be a top. It is anyone’s best guess and CNBC even trotted out Jim Cramer to give its viewers a warning stocks are in dangerous territory. We hope you weren’t subject to this noise. At this point, what we know NOW and not what we may think will happen is we are in an uptrend. We will stay long as there is simply enough evidence to switch our current position. It would be foolish to do so.
BBRY continues to peak our interest and while it isn’t a growth stock it may very well be a turnaround story. HPQ pulled something at the end of 2012 when the PC market was about to go down the tubes. It is easy from a Fundamental view to crap on BBRY, but what is price saying many don’t see in the fundamentals? The reasoning usually comes later and right now the stock is pushing higher. Another example is NFLX. Ignore the opinions of others and stick with price.
Keep with the program.
