Published July 13, 2012
Usually I start this column off with a quick look at the market. But, honestly, I looked at a chart of the Dow and couldn’t figure out what the heck was going on!
Instead, I decided to look at few high-profile stocks to see what they were up to.
The first was MasterCard (MA) and there the situation isn’t that bright. It cracked earlier in the week, only to bounce a bit by week’s end. That bounce looks like the proverbial “dead-cat” variety and I expect more downside for the stock.
On the other hand, I figured a few weeks ago J.P. Morgan Chase’s (JPM) trading loss wouldn’t amount to much, and the market voted on Friday: folks keyed in on the earnings, not the loss. I think the stock moves up nicely from here.
Finally, I haven’t been a fan of General Motors (GM) ever since it went on the Federal dole. The stock hasn’t let me down, again testing a bottom. This is the fourth test in the past 10 months though and that’s not normally a good thing. I think you’ll see this stock in the mid-teens before too long.