Another good day, I just need 40 more straight like today and I'll be back to even. I have to give Steve A at http://www.magicdiligence.com kudos. He has hung in pretty well through the massacre. He is up 3.5% and beating the S&P by a very healthy 7.2%, One of his early picks, EPAX shot up a ton today.
RHI reported earnings after the bell this evening (Robert Half reports higher 2nd-quarter earnings). I thought their numbers were pretty darned good. This is a stock that is down 30% off their highs... assumably because people thought things were going to get worse... but they haven't so far. Are things not as bad as people think? Or is the shoe yet to fall?
A lot of the out-of-favor stocks are really cooking recently. My July 2nd tracking portfolio is up over 10% already, driven by stocks people weren't wern't touching with the proverbial 10' pole. Then some of the popular stocks (like BPT and EGY) are in freefall.
I do know if oil continues to crater that the stock market will continue to rise. Hard to say absolutely what will happen, but if demand keeps dropping, logic says the price will fall. Could be the catalyst the bears have over-looked. Also, if housing prices start to stabilize (I don't think we're there yet as the ratio of median house price to median income is still way out of whack vs the long term trend) then the banks and associated businesses could really start to pop as the write-offs dry up. I did see where the CEO of WB bought 1 million shares yesterday. Does make me think if WB pulls back a bit in the next two weeks, I may jump on with the CEO.
Other MFI stocks in the news today:
NTRI - seems to have had decent earnings after the bell and stock is up about 5%. I think they're up about 30% since July 1st.
SWIR - gave poor guidance this evening and is off about 20% ah.
SCSS - not sure if any one still owns this nightmare, but they had a narrower loss than expects and are up 10% AH. Of course if you bought them last summer, you'd still be down 90%.