... These were the new financial headlines this morning - by the same "financial professionals" when exactly one entire day prior, (yes, yesterday/ 24 hours ago) they exclaimed, "Stock Market Outlook Gloomy", "Recession and Correction Near", "The Fed May Lower Rates" (huh? what's the other 50% of the probability forecast?!) etc, etc ... With the similar impulsiveness we simply respond, "Drink ethanol and let solar shine!"
Forget the fair-weather zealots' headlines. Rely only on the facts, whether the trend is currently up or down, and starting today we'd rather focus on Earnings Season which are currently underway. This is the catalyst that will determine the market's direction and where individual stocks really go next.
On that note and speaking of facts, Wal-Mart Stores, Inc (WMT) the world's largest retailer, was one of the first DOW components on Thursday to report earnings. Plainly put, they were somewhat favorable and furthermore WMT has increased its profit outlook lifting market optimism about its earnings. The stock seems to have found a bottom at approximately $42 and seems to have reversed from a previous down trend since mid September. All that said, we're BUYING it here.
We continue to stand by the statement made in our DeanJonesTrader blog back on September 13th (days before the Fed lowered rates), and we are also BUYING here the following for our Dow Jones Trader Portfolio (DJT):
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