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Market Wrap-Up for Dec.2 (ANF, JPM, WFC, MS, CME, LOW, KR, more)
The market is having a good day so far, but there are plenty of investors out there that continue to miss out on the gains.
The Investment Company Institute estimates $19 billion has left mutual funds for the year so far (as of the end of August). In September, equity funds recorded their fifth consecutive month of outflows. In contrast, Bond funds took in an unprecedented $376 billion in 2009 and another estimated $216 billion in 2010 as of the end of August. Despite all the angst surrounding stocks, the market has continued to defy the skeptics. If you have read many of my daily newsletters, you know that I am not easy to please and will rarely ever cheerlead the markets, but stocks are continuing to work - and performance is all that matters.
We are putting up a new feature on the site every Thursday, with today's post being the first one of its kind. Each Thursday we will look at our various proprietary watchlists and sort through the names that are trading at or near all-time highs and put them in a list to share with all our premium subscribers. Outside of looking for names that we feel are becoming a real bargain, this list is what we are using to find our next recommendations. Of course, the stocks on this list that have low or minimal dividend yields would only be suited for "aggressive" investors who are seeking growth over yield. I hope everyone checks it out!
Back to the markets, Abercrombie & Fitch ( ANF ) ripped higher following strong November sales. Financials climbed as well, with JP Morgan ( JPM ), Wells Fargo ( WFC ), and Morgan Stanley ( MS ) leading the way. Wall Street upgrades boosted stocks like CME Group ( CME ) and Lowe's ( LOW ). One name that stood out on the downside was Kroger ( KR ), following the company's quarterly results out this morning.
My new book, "Be a Dividend Millionaire" should be available online in February 2011, with a traditional print version to follow in May. We are working on a new site for the book, which will contain key details on what you can find inside and how it can be pre-ordered.
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!