The S&P 500 (SPX) poked its head through the 2,000 level on Monday but closed a tad under at 1,997.92. Just as a matter of course, round numbers for major indexes always attract some technical selling. However, there was less euphoria for SPX 2K than there was for SPX 1K.
It has become somewhat customary of late for the SPX to rise and hold early gains on a Monday session, unlike the long-term market history for Mondays. About midday I deployed nearly the rest of our cash into a semiconductor stock.
Best Buy (BBY) and Bob Evans Farms (BOBE) highlight the earnings calendar today. We own Bob Evans Farms for our Restaurant & Food Chain Portfolios. I have no feel for how Best Buy will report results. It could go either way.
The economic data releases are going to be more telling about the macro economy. Durable Goods, Consumer Confidence and the Case-Shiller Home Price Index will all be reported to the public today. I expect Durable Goods to be better than the prior 1.7% gain. Case-Shiller is certain to show a continuation of home price increases with the preponderance of growth taking place once again in the hardest hit areas of the housing crisis. Consumer Confidence is always a wild card. I am expecting a survey number of above 90.
At this juncture, I am waiting for the market to do its magic and increase our portfolio values into the year end. Along the way, I will trim a few positions such as Apple (AAPL). To be totally honest, I just plan to mark time until after the Labor Day weekend and suggest that you do as well.
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Disclosure: At the time of this commentary Scott Rothbort, his family and/or clients of LakeView AssetManagement, LLC was long AAPL and BOBE — although positions can change at any time.
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