Buying In

 | Jul 06, 2012 | 10:20 AM EDT  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:






The market needed to correct a bit and the jobs news was a good excuse to do so. The issue now is whether it finds support and turns back up, or does this turn into a failed bounce and a retest of the pre-European Union Summit lows of 1330 or so.

As long as the S&P 500 stays above the 50-day simple moving average, which is around 1340, I'm inclined to lean bullish. That doesn't mean I'm rushing in to load up, but I'll be looking for long trades.

I've made a couple of buys this morning. Facebook (FB) seems to be attracting the hot money and is working hard to turn higher. Golar LNG (GLNG) has some news and is looking to turn higher but still has resistance at the 200-day average. Smith & Wesson (SWHC), my Stock of the Week, has pulled back but has some positive analyst comments and a good target.

I'm not taking any aggressive positions but I am inclined to nibble. I believe the market may have further downside in the near term but I'll be looking for support to kick in and dip-buyers to show up.

Columnist Conversations

High yield bonds have had their worst year in the last 10, according to capital flows data analyzed by Bank of...
The prominence (and amount of) of the discounting in the malls this weekend has been very noticeable. One are...
3 insiders sold a total of 518,620 Starbucks (SBUX) shares for proceeds of $43.449 MM. 4 insiders dumped 558,1...
Yum Brands saw both insider buying and selling reported last week. One insider bought 10,000 shares for about ...



Columnist Tweets


Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.