Confirmed Rally? and IBD Meetup Recap
Tuesday, July 29, 2008 4:50 PM
It looks like all the major indexes had a follow through day today. The Dow, Nasdaq and S&P 500 were all up over 2% and I believe volume was up over the prior day. Take your time getting back into the market. IBD recommends you slowly wade back in the market to see if the follow through takes hold. You will have time if the rally has legs.
Here is a recap of last Wednesday?s IBD meetup:
I mentioned the past two years a rally has taken place with a follow through day in August. The overriding view of the group was lower oil prices may drive the market higher (good call as oil prices have continued to fall during the past week). There was a good discussion of alternative fuels such as wind and solar (thanks to T. Boone Pickens). Coal is a fuel the US has an abundance of, but it is a dirty fuel.
There was also discussion of the timing to get back into financials. I do not believe we came to a conclusion on this topic.
Stocks mentioned included APH (IBD did a New America Article on July 28th if you have an interest in this stock), WGOV, ENER, CLR and IPI.
Now we wait and see if the market will continue in rally mode.