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I’m finding it difficult to express my anger and frustration at our
dysfunctional Congress. Their inability to get some kind of budget passed
is appalling. And it’s costing us a good rally for stocks. The Dow
Industrials would probably be 1,000 points higher if these children would
simply do their job.
If they worked for me, they’d have been fired long ago…
It was an interesting day for earnings. IBM
(NYSE:IBM), Wells Fargo (NYSE:WFC) and
Coca-Cola (NYSE:KO) came in great. Goldman Sachs
(NYSE:GS) and Bank of America (NYSE:BAC), well,
not so much.
Actually, Bank of America would have been pretty good, were it not for
the $9+ billion the bank set aside for mortgage settlements.
It’s really necessary to pick and choose bank stocks. Some, like
JP Morgan (NYSE:JPM) and Wells Fargo are doing well
adjusting to new rules and dealing with mortgage issues.
Goldman and BofA are clearly struggling. And especially in BofA’s case,
it’s really hard to see the upside right now. The drain in cash will
continue for at least another couple quarters, and then the company has
to raise cash to meet Basel III requirements.
But on the flipside, Bank of America is trading at some pretty extreme
lows right now. I would expect the value crowd to start dipping a toe in
the stock. Still, until there’s more definitive news about mortgage
settlements, I’ll stick with JP Morgan.
And, of course, tech earnings have once again
been excellent. While there is some concern that PC sales have slowed,
everything else in tech is cooking.
You’re probably getting tired of me talking about the tech stocks in the
Top
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great tech stocks in there.
I told you yesterday how we’ve already taken a 36% gain on Google
(Nasdaq:GOOG) and then re-bought ahead of earnings on
July 8 at $530 and are up another 12% after Google’s blowout
earnings.
Top Stock Insights has also been holding IBM since $115 a share. With
today’s gain, that’s 57%. Overall, Top Stock Insights has delivered
41 winners out of its last 49 recommendations over the last two years.
It’s a phenomenal track record.
But the best may be yet to come…I’ve been recommending a $5 stock that
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