The market ended up about flat as it possibly could on Wednesday as the Dow Jones Industrials (INDU) rose 0.08%, the S&P 500 (SPX) rose 0.03 index points or 0%, the NASDAQ Composite (IXIC) inched up 0.05%, and the Russell 2000 (RUT) was the big winner of the day rising 0.36%. The good news was that the markets opened on the day’s lows and rallied into the afternoon.
Zynga Earnings Highlights Today’s Calendar
Today’s economic calendar is limited to weekly unemployment claims. The earnings calendar has an eclectic group of companies which are set to report. There are several food and restaurant earnings results, such as Brinker International (EAT) and TreeHouse Foods (THS) on the earnings calendar to keep me busy. What is likely to get the most media attention is the earnings release from Zynga (ZYNG) after the market closes.
Don’t Force It
In a boring summer market, there is a tendency to try to force yourself to take some trading or investing positions. The best advice is to do absolutely nothing. There is still a good chance that the recent downward to sideways stock action will continue to last through the end of the month, It is best to use the intervening time to put together a shopping list. For example, I would like to add to First Solar (FSLR) and start a position in Raytheon (RTN).
I am expecting more of the same action today and tomorrow as we had on Wednesday. I will be back on Monday after a weekend in Boston.
Disclosure: At the time of this commentary Scott Rothbort, his family and/or clients of LakeView AssetManagement, LLC was long EAT & FSLR — although positions can change at any time.
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