Green!
Green. After 10 out of the past 11 sessions ended in red,
green was certainly a welcome color for the stock market yesterday. And more
importantly, it wasn't just a little green, either. It was a lot.
The S&P 500 bounced off of support at 1,018 on Tuesday
and vaulted all the way through resistance at 1,050 to close at 1,062
yesterday.
More importantly, yesterday's explosive rally came on no
significant news and with no pre-market futures ramp. In other words, we may
have just seen an important shift in sentiment based on stock valuations.
After all, we haven't seen any significant profit warnings
for 2Q earnings. And yesterday's positive earnings announcement from
State
Street (NYSE:STT)
bodes well for financial stocks. A good rally needs to have the financials
out in front.
The stocks I've
mentioned in Daily Profit recently have all made nice moves
higher. Citigroup (NYSE:C) is back to pushing $4 a share. Maguire Properties
(NYSE:MPG) has recovered from a low of $2.60 on Tuesday to $2.80 today. And
JP Morgan (NYSE:JPM) has added around 10%.
Bank analyst Richard Bove is out with a price target for
Citi of $8.50. Of course, he thinks it may take a couple years to get there.
I think $4.50 by the time it announces earnings next Friday is doable.
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As always, thanks
for all of your comments, and please keep them coming:dailyprofit@wyattresearch.com
