Sorry peeps for not posting anything this weekend. My internet has been going up and down and up and down all weekend long. It is really starting to piss me off. Also, I've basically been in a coma the past two days after taking this drug called Seroquel. Man that stuff really puts my lights out. Has any of you taken Seroquel before? Is sleeping for two days in a row normal? I slept till 1 in the afternoon today and I still feel groggy as hell. Anyways, I'll be back up and running today and the rest of the week of course and I'll be checking all your blogs!
Today was a great day in the markets as Caterpillar blew away earnings forecasts, easing fears of a global growth slowdown. Caterpillar builds backhoes, mining equipment basically all the things needed for construction and mining so it is a good proxy for global growth. When CAT is doing well, the global economy can't be that bad.
CAT had record revenues and a 44% rise in quarterly profit easily beating analysts expectations. Caterpillar's stock jumped 5.6% on the news to over 90 dollars a share after being near 70 just 2 weeks ago.
It looks like the breakout from last week is continuing and it is okay to buy stocks here. The DJIA finished 105 points higer and the SNP and NASDAQ rose even more gaining 1.3% and 2.35% respectively. Oil jumped nearly 5% and gold was higher by 1%.
I think this rally is going to continue until 1270 or 1280 on the SNP as we have some serious upside momentum building and this is the seasonal best period to own stocks. Let's see what happens.
Disclaimer: Nothing in this blog should be construed as a recommendation to buy or sell any securities! Please do your own due dilligence before buying any stocks or bonds!