Well, not exactly 10,000 times, but it sure feels like DOW 10,000 has been crossed many times this year. The global economic picture is quite mixed: up-and-down, choppy. But one thing we know for sure is all eyes are now on the U.S. domestic earnings which kick off July 12th.
On June 25th, we sat down with Aaron Task at the Yahoo! Finance (YHOO) TechTicker studio and shared our 6 Reasons the Markets WON’T Crash. Our #1 reason illustrated the consumer is not dead and technology companies are surprising lots of pessimists. Following our media appearance, we’ve seen a consequential follow-up of bullish tone on the financial markets from James Altucher to Doug Kass this week.
The preliminary signs for earnings season have been very bright and optimistic. After-the-bell yesterday, WD-40 Company (Nasdaq: WDFC) flexed their muscles with an earnings report that showed no signs of slowness or a recession at the company. Thomson Reuters’ analyst consensus expectation was $.42 cents per share on revenue of $77.7 million. WDFC earned $.54 per share as revenue rose about 20% to $82.6 million, from $68.8 million a year earlier. Double-digit growth was displayed in both the U.S. and Europe at WD-40 Company.
Meanwhile, Europe’s economic problems this week were swept under the World Cup rug of newspaper headlines across Europe as Netherlands and Spain were both victorious. Netherlands and Spain will be meeting in the final World Cup showdown on Sunday, July 11th on ABC (NYSE: DIS). Expect excitement to boost both countries for the next few days until the party is over.
The picture is not purely positive for the time being. Confidence is still vital to the average retail investor participating in the recovery and sustaining the bull market recovery. If Lindsay Lohan could be locked up for 90 days in prison, then it is evidently essential for the U.S. government to slap a penalty on Cassano, Fuld, Mozile, O’Neal and Tourre. Crony capitalists are still on the loose and the American people are demanding justice be served until they ignite the next bull market.
Today’s market presents many buying opportunities, but you have to choose wisely and be a selective stock picker in such a mixed environment. Intelligent investing arises from smart investigation first…