(By Rich Bieglmeier) Another boring day on Wall Street as stocks do nothing, again. Obviously, the indexes standing in place changes nothing for the technical state of the market - same as it ever was – this week anyway.
Not even a Jobless Claims report that was worse than expected with 382K new claims versus expectations of 373K could drag stock lower. The rest of the lesser followed economic data came in nearly on target; although, still showing signs of weakness.
The thinking on the Street is that QE3 has put a floor in for equity prices. In other words, investors should buy the dips and not lose patience with this churning market. Eventually, buyers will gain more confidence and take stocks higher if they feel downside risk is limited. The only question is when, not if bulls will return.
At least we'll be treated to a couple of key economic reports in the second half of next week, Durable Goods Orders on Thursday and Personal Income & Outlays on Friday.
We hope that some of you took advantage of our sole iEstimates candidate this week. After reporting earnings of 23 cents for the quarter, (iEstimate $0.24) versus the consensus estimate of 20 cents, Schiff Nutrition International Inc. (SHF) popped from $20.90 to $24.37 from close to close. We'll take it.
This week we have two companies that meet our criteria. Make sure you check back with iStockanalyst.com a little later today when we highlight our favorite from the pair.
|Lennar Corp -A||LEN||9/24/2012||0.28||$0.31 ||0.03||10.7%|
That's it for a boring week. We hope that we have more to elaborate on next week. Another five-days of watching paint dry might have me sniffing the fumes.
Have a Great Weekend and we will see you on Monday.