Momentum traders have been the belle of the ball recently,
especially with Google (
) surging as it did last week following the company's earnings
Turn to last night and the eagerly anticipated report from Apple
) initially left some traders in a world of pain. There was clearly
hope from many long-side only traders that Apple would once again
reward the pre-earnings buyers. Unfortunately for them Apple didn't
exactly give Wall Street the blow-out results they wanted and the
stock quickly took a hit as it reopened in the after-hours. As a
former trader, I can tell you that playing the earnings game is
nothing more than a coin toss. If you are going to consistently
make money and sleep at night, it would be in your best interest to
get your mindset on finding quality dividend payers and leave the
rollercoaster action to those that have the nerves for it, as well
as the money they are willing to risk.
Financials like Goldman Sachs(
) and Capital One Financial(
) tried to mount a rally, but the sellers were in charge today.
Companies like IBM Corp(
) , Harley-Davidson(
) and Illinois Tool Works(
) were sold hard following their earnings results. Gold got hit
hard as profit-taking hit the yellow metal today. Agnico-Eagle
) , Newmont Mining(
) and Barrick Gold(
) were some of the mining chips that were cashed in by traders.
Other commodity-focused names saw some selling, including BHP
) , Cliffs Natural Resources(
) , and Freeport McMoran(
) . Volume did pick up on the NYSE during the selling, finishing at
5.6 Billion shares traded.
As always, check out our industry-leading
Best Dividend Stocks List
for the top dividend names to put money into right now. Thanks for
reading, and I'll see you tomorrow!
Be sure to visit our complete recommended list of the
Best Dividend Stocks
, as well as a detailed explanation of
our ratings system here