The fewest Americans in seven years filed applications for unemployment benefits last week as the labor market continued to improve…Jobless claims dropped by 24,000 to 297,000 in the week ended May 10…“The way the job market continues to improve, the number of people collecting benefits keeps going down,” said Brian Jones, senior U.S. economist at Societe General in New York.” Story at…
This is hardly an indication of recession. The current stock market problems in the NASDAQ and small cap issues are due to high valuations.
DON’T BE TOO FRICKIN’ LONG (CNBC)
“David Tepper, who made the most money of any hedge fund manager in 2013 at $3.5 billion, believes investors better approach the market with more caution now. ‘I'm not saying go short, I'm just saying don't be too fricking long right now,’ the head of Appaloosa Management told a few thousand of his colleagues Wednesday at SkyBridge Capital's SALT 2014 conference in Las Vegas.” Story and video at…
The yield on the 10-year Treasury Note fell further to 2.49% at the close.
As I have been saying for a few days, since the S&P 500 finally moved above the old high of 1891, it needed to advance further. The failure to move higher than 1897 could be signaling a pullback. The smart money is concerned too. The late-day action was fairly flat today, but over the longer term the smart money (trading in the late day) has been selling.
The reversal today in the new-high/new-low data is suggesting down. There were more stocks making new-lows on the NYSE than new highs.
--INDIVIDUAL VALUE STOCKS (New Feature)--
ENSCO (ESV): HOLD
Motley Fool suggests that the owners of floating rigs have overbuilt and rig-rentals and revenues will fall in the future. Commentary at…
Research has shown that to have a diversified portfolio no one stock should be more than 4% of the portfolio total, or stated another way, if your total portfolio consisted of individual stocks, you would need at least 25-stocks to be “diversified.”