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This is a patience market. But overall, the market tone and breadth are positive.
Make sure the stocks you are interested in have strong fundamentals and are bought at proper buy points. If you buy them right, you can give them time and room to work. Through this earnings season, only a quarter of my picks broke down on a poor earnings announcement, while most others have been working well. This is a very different situation from the last three earnings cycles in 2011 when stocks were more prone to disappointment. This has made me more comfortable raising upside price targets and giving positions more time to develop. The Dow hitting 13,000 today, despite the intraday reversal, is psychologically positive for both Wall St. and Main St . We’ve seen numerous times in the past where the index touches a key price level, backs off for a few days before finally resuming to the upside.
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