Stocks continue to prove resilient, notching their best month since 1997 and their best five month stretch since 1938, all amidst a large degree of skepticism. Many agree, including us, that the end of the recession is imminent, but disagree over the nature as well as the strength of the ensuing recovery. Although we have always subscribed to the age-old Wall Street adage of “don’t fight the tape,” stocks could certainly use a breather. However, as we have noted over and over again and in many different places, after a period of consolidation we believe that this rally still has legs.
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Fagan Associates Archive for August, 2009
A New Week, A New Month
Monday, August 3rd, 2009Entries (RSS) and Comments (RSS).
Any specific stocks named in this presentation may not be representative of current or future investments in the portfolio to which they belong. You should not assume that investments in the securities identified were or will be profitable. We will furnish, upon your request, a list of all securities purchased, sold, or held in the portfolio during the twelve months preceding the date of this presentation.
Please note that all data is for general information purposes only and not meant as specific recommendations. The opinions of the authors are not a recommendation to buy or sell the stock, bond market or any security contained therein. Securities contain risks and fluctuations in principal will occur. Research any investment thoroughly prior to committing money or consult with your financial advisor. Please note that Fagan Associates, Inc or related persons buy or sell for itself securities that it also recommends to clients. Consult with your financial advisor prior to making any changes to your portfolio.
©2009 Fagan Associates, Inc. All rights reserved.
Morning Commentary for August 7, 2009
Friday, August 7th, 2009NonFarm Payrolls fell by 247,000 less than the consensus estimate of 320,000 as the trajectory of the economic “recovery” has steepened. Furthermore, the Unemployment Rate ticked down to 9.4% from 9.5% and the Average Workweek rose to 33.1 hours from 33.0 hours.
This is all good news as it at least continues to put the idea of a depression is behind us and is also rapidly putting the notion that the recession has ended into the minds of economists, analysts and, most importantly, consumers and therefore investors. This has most likely put a floor under stocks at or around this level so we recommend that investors continue to dollar cost average.
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