We had a comment today saying that "Prudential's chief investment strategist on Tuesday recommended that investors with the "appropriate risk tolerance" allocate 100 percent of their portfolio to equities." Well, that's just about as much as a good contrarian can take. There you have a great sell signal straight from Pru. Yes.
Indeed the stock market was up today but I think it had more to do with factory orders being up rather than Pru's statement. Then there was oil knocking at that $60 mark as well as bonds getting hit, a couple of poor backdrops for a rally. The media sure liked today's rally but the volume was a bit light again, summer volume levels.
Today gold and silver gave a little back along with the mining stocks. This should have given you all a great opportunity to act on the buying opportunity we mentioned in last night's post. We are going to continue to commit funds to this sector for those of you who want to be bullish on something.
Dow Industrials: 10,371.80 +68.36
BGEIX: 10.94
Look for the Wednesday Update email version, more thoughts on Pru's call.
[Editor's note: I didn't have time to spend on the wedding picture tonight.]
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5 comments:
keep the wedding pictures coming for those of us who were not fortunate enough to be invited
First of all, I can't get these pictures at my office so I didn't think any of you could see them either. Second, I am taking that comment in a positive way and wish that you all could have been there to share the time with us. It was a small intimate wedding and we had a very nice time. I will try to post more pictures over the coming days.
In reference to the post "Tuesday, June 28, 2005 Consumer Confidence Rises, Oil Falls", we blogged back and forth about the DOW dropping GM from their index being bad for the DOW. I guess I should clarify my point. If GM is tossed from the DOW index, 1) Isn't any other large cap company in a better position to help support/prop up the DOW index. Having money invested in the inverse fund, I feel a bit more comfortable knowing GM is going to act as an anchor for the index over the next few years. I think I understand your suggestion of replacing GM with a company that has experienced an increase in their stock price being good? More room for it and subsequently the DOW index to fall as things spiral downward?? #2) IF GM does get the boot? Who are the candidates to replace them. My market history is no strenght so I'll default to your experience to suggest alternates. One guess would be a Newmont mining or other large cap precious metals company?
#3) How does a replacement affect the index?
Erick
yes, you should take the comment in a positive way because word on the street is that it was a wonderful wedding and a great time was had by all - some of us are just jealous and wished we were on that lucky list - next time the plan should be for a big wedding so we all can share in the pride that you feel inside you - congratulations for raising such a great kid - obviously we say that with tougue in cheek - most of the credit should be given to your wife
Thanks for the wedding piucture. There or not we are all extremely happy for you, your wife and son, and your newest family member. Much happiness to you all. Happy Birthday!
EBP
P.S. Have you been watching AIG? It is finally moving up.
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