Written by Pat McCubbin
Exact Stock Picks
Good Afternoon,
Stocks had their biggest rally in two weeks Thursday as earnings and economic reports reassured investors that the economy is continuing its recovery.
The Dow Jones industrial average rose 201 points after strong earnings from Caterpillar Inc., UPS Inc. and other companies revived investors’ optimism about the recovery. A better than expected report on housing and encouraging signs of growth in Europe added to the upbeat mood.
Ok, stocks sold off yesterday after a bleak outlook plagued the economy. Today, stocks rallied due to the fact the economy is strong. As we stated yesterday, this will most likely continue for a while. There is still far too much uncertainty in these markets.
Just as they did yesterday, all of our stocks followed the trend of the overall market. With such strong momentum in either direction most stocks act irrationally, especially in the short run. The only news in our portfolio today was an earnings report after the market from DXP Enterprises, Inc. (DXPE)The numbers came in better than expected so we should see a move to the upside tomorrow. We are up almost 5% in a couple of days and could hit our first target soon.
We opened just one new position today, Manitowoc Company, Inc. (MTW). It has made a tremendous trend reversal and was up over 8% on today’s trading alone.
The trading tomorrow will dictated by some real resistance on the SPX at around 1100. This has been a very hard level to hold and any more definitive move to the upside will depend on the market moving through that and holding it to the close.
Looking forward to another great day of trading tomorrow. Have a nice evening and we’ll see you in the morning.
TEN Exclusive: Portfolio Update – 7/22/10 is an article from: 
