Picking Up Where We Left Off

 | Jul 01, 2014 | 1:54 PM EDT
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Nice that the quarter starts off the way it left off:

  • The energy stocks catch bids, once again led by Cheniere Energy (LNG) on still one more new liquefied natural gas contract.
  • General Motors (GM) shrugs off still more recalls with a terrific sales number and the assignment of Ken Feinberg to the reparation process. People freaked out when Feinberg came in to the BP (BP)-Macondo situation in June 2012, saying that claims will all be paid, but it marked a bottom in the stock. I think that history rhymes with GM.
  • Sanofi (SNY) takes advantage of the break in Regeneron's (REGN) stock to increase its stake in one of the four horsemen of the big pharma apocalypse from 20.5% to 22.5%, while Celgene (CELG) catches a fabulous report that says it's much more than just Revlimid.
  • Netflix (NFLX) gets lit by a better-late-than-never Goldman Sachs upgrade. It continues to gaffe the shorts, similar to Micron (MU), which is also up huge.
  • Delta (DAL) ramps higher, reigniting the transports.
  • Seagate (STX) continues to benefit from no new supply in the disk drive business while demand recovers in the PC world.
  • After a long pause, Harman (HAR) finally gets recognized for the juggernaut that it is, following a great quarter for this natural takeout candidate. Who doesn't want to own the car brain that powers so many speakers in the auto business, especially when the auto numbers are so strong?
  • Could Priceline (PCLN) sit out more of this rally? Didn't think so.

All of these add up to the kind of rally we've come to expect, if we are just a little more optimistic that the average bear.

Of course July is a seasonably strong month. Those who sold in May or June or whenever are being lured back by the need to catch up to the averages. And how nice of GoPro (GPRO) to keep going higher simply because the big funds didn't get enough stock on the deal and want desperately to own more of it.

All in a good day's work, another run to record highs.

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we like this chart here, it appears ready to move higher. BOUGHT BZUN OCT 35 CALL AT 3.40
Large-cap, high-quality McKesson (MCK) is too cheap now, at $147.51 or so. The stock hit $243.60 more than 2.5...



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