After a few days of battering in the portfolio, our stocks bounced back with vengeance. Nothing to get excited about as they are all up against a form of resistance and are not pushing any higher as a result. This is occurring because either a moving average is in the way or stocks are at the top of a trading range. A lot of traders who bought at the top of ranges days ago are saying today “ok I want my money back so I can just break even”. Therefore, a move above resistance (1375) on good volume and fresh new supply will be a bullish sign for the portfolio. Tex had a particularly good day today- up 27% on a fantastic quarter. TEX, as well as others, reported good earnings and also stated that business will be good for the second half of 2012, despite certain pockets of weaknesses throughout the globe. Just what we wanted to hear for the portfolio. I am not even paying attention to Europe success stories which is headlining every major newspaper today. I prefer earnings and fundamentals of our beloved companies any day of the week. By the way, on a day like today we are doing nothing. (Never chase an up day). We are still waiting for confirmation as always. For questions on why TEX is a good barometer on the economy and our portfolio- feel free to ask!
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