- Dow was down over 100 most of the day before the buyers came back late and recovered more than half. Bulls still sticking around, for now. The same logic applies when we were saying that the market would come back during the last correction, and it did (of course). The logic being reversed now. Eventualy the bulls will take a rest and the bears will drive the market down. We still believe with high energy prices, sub-prime and housing, inflation, and the deficit that it will eventually change. Of course energy could correct and extend the bulls even more. The truth, no one knows. I do know one thing, eventually there will be a correction again and eventually the bears will get their turn again.
- Not worried about one quarter for PFE. Still excited about this stock over the next 18 months. For now, enjoy the dividend.
- We are still extremely excited about the NYX prospects. Just watch when the Euro synergies start to play out. Whoa.
- Some analysts downgraded some of the brokers and combine that with the continued rumors that Lehman has more subprime exposure than currently released is weighing on stock. We do not believe either. Global economic expansion is a huge play for Lehman. Much like GS, LEH is a global financial giant. Eventually the stock will continue up. Just in case we get lucky enough to average down, we are going to put a really low buy in to average down.
- Will release another buy next week. Have a good weekend.
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