After a rough day where the dow tumbled 314 points, s p plunged 1. 56 , and the nasdaq plummeted 1. 67 , i think the problems simple a list of stocks that are working seems to grow smaller by the day. Isnt that what it feels like . We have fewer stocks that are safe to own and more that are down right toxic as we saw near the end of the day when the bears crushed the bulls toward antichina fueled trading. Today felt like a vicious pro Football Game where the quarterback was under pressure all day and succumbed in the Fourth Quarter in football, a quarterback tries to do a check down, looking to receivers for the best opportunities down field sometimes the Wide Receivers are wide open. Sometimes the qb has to thread the needle to hit a receiver, a slant pattern. Other times, times like today, the bears are swarming, and its like a jailbreak as they head toward the quarterback if he doesnt get rid of the ball in time, hes likely to be sacked, perhaps for a big loss or a fumble or even an
Adobe. And were off to the races without any real worry about last minute status of darn tax bill which is looking more and more likely that it will become law next thing you know, the dow rockets 143 points nasdaq,. 9 . Nasdaq pole vaults up 1. 17 . It is easy, isnt it look, we dont even know what is going to happen in washington. But as i told you last night, were in the torpedos full speed ahead moment i am telling you, its underrated by everybody. Corporate earnings witness the pin action from costco and adobe so while the specter of washington haunts the market bad, they cant stop the averages from going higher will it continue since earnings are really in charge here despite you think it may be the tax cut, i went over the last day cut it, raise it it doesnt matter. What matters is earnings lets go right to next weeks game plan. The big competition in stocks is bonds. Let me put this scene setter here obviously on monday we want to see what happens to that tax bill we also get so
What do i mean by the Bigger Picture . For starters, think about this for a second the fourth largest city in the u. S. Has been taken off line but for the most part, the state and local authorities seem to have it under control. While harvey has been a real tragedy for the millions caught in its path, the Natural Disaster hasnt been accompanied by any man made catastrophes like during katrina. Trumps visit to texas wasnt a fiasco if anything, it was workmanlike the president has had a real gift for being divisive in recent weeks, but if you only focus on the negatives, you miss the good things. Like the 3 gdp growth, smashing figure by the way. More important, though, the president is acting president ial the fact that we have now a world class Reclamation Project in houston that he can lead. This storm hit a heavy republican state im betting they could get tens of billions quickly to rebuild the moment the flood waters recede its going to be a massive shot in the arm for the nation,
Given that i base all of my work based on fundamental factors on not the shape of the charts. I know from your feedback on twitter, that youre interested in this analysis. And its proven time and time again to really get people involved at the right level. Now not for a minute where i explain in get rich carefully, do i explain i overlay them on my broader world view at the moment. They dont even care what the company does. I wonder if they could do their jobs with the companys names blacked out. In fact, i am sure they could. For fear it would bias them against the stocks chart. Could you imagine . Ive become pretty proficient at charting over the years, but i still rely on the professional work of technicians. Thats why tonight i am picking the best of the best charts of some of the best technicians we have worked with, exploring the partners to the point where im pretty aastonished how accurate they can be. So i guess youve got to call me a longterm believer. They contain hundreds o
Look, you need a healthy amount of skepticism to be a good investor, no denying that. But its important to know when to believe im talking about buying the stocks of companies that have been left for dead, because of a single bad quarter, when the executives have proven time and time and time again that they can navigate rougher waters and right the ship on another record breaking day for the averages, dow gain 1g00 points, the s p 500 advancing, nasdaq up, some stocks have been left behind by this juggernaut of a bull market and in many cases, i think the sellers are making a big mistake. [ buzzer ] before i get into these situations, though, let me come to praise the companies that provided the impetus behind todays rally. Caterpillar and mcdonalds talk about faith people have totally lost faith in caterpillar during the downturn i remember seeing a sell call on january 25 of 2016, when the stock was at 57, going to 51 cat closed at 114. What happened . End markets did get a little b