Stock Market Commentary and Top Picks: September 28, 2011
Market In Whiplash Mode – Be Careful
The markets don’t know which way they want to go. They are extremely volatile and are moving with large and fast moves in a matter of 30 minutes to an hour on any news out of Europe. The overall picture is still very cloudy with the S&P 500 trading range still intact.
Today was a continuation of the failure for the S&P 500 to get back above its 20 SMA. The 50 SMA (1200) is the target on any surprise move up and the 1120 to 1101 area is still the bottom range for support.
The base metals, precious metals, and commodities were hit very hard today and they are ready for an oversold bounce but not just yet. China’s slowing growth may be a big factor along with window dressing and some hedge fund liquidations. This heavy selling is worth watching as it could mean bigger problems for the general market.
The rest of the week is too difficult to predict with this overall sideways trend so only conservative dividend picks will be given tonight.
AND, our standard warning until the situation changes…
We still have to worry about Europe and getting some kind of believable and plausible solution – UNTIL THEN, HOLD ON FOR A WILD RIDE. European headlines are driving the market direction every day. The direction is still down and potentially VERY FAST.
1) BIP – Brookfield Infrastructure Partners LP – 5.5% yield, PE = 16
2) T – AT&T Inc – 6.2% yield, PE = 11
3) FE – FirstEnergy Corp – 4.9% yield, PE = 13
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