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The Market
Technical
With the Market down 249 points on Friday, we had expected stock prices to demonstrate some strength yesterday, especially after two Fed bank officials suggested that recession was more of a risk than inflation (meaning a rate cut of perhaps 50 basis points was coming next Tuesday). It may be that investors are waiting for a speech by Bernanke scheduled for this morning before taking any action. If nothing comes of Bernanke’s comments, there may be some more downside to come--at the very least a probe to below 13000. At the moment, patience is a virtue and cash isn’t bad.
Fundamental
News on Stocks in Our Portfolios
A positive write up on Brown Forman (Dividend Growth Portfolio):
http://www.seekingalpha.com/article/46976-why-i-m-long-brown-foreman
And another on Johnson & Johnson (Dividend Growth Portfolio):
More Cash in Investors’ Hands
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