It wasn't quite the reaction the Federal Reserve may have hoped for as investors didn't take to the usual buying binge following today's FOMC meeting commentary. As expected, there was no change in interest rates.
It will be interesting to see how the markets hold up this week as numerous IPOs are set to debut within the next couple of days. Quite frankly, it's been a terrible year for most of the IPOs we've seen.
As for names in the news today, shares of Best Buy ( BBY ) were trounced following the company's earnings miss . Analysts had been bumping up estimates for BBY lately, expecting good results from "Black Friday" sales, but investors were certainly disappointed with the results. We continue to stay away from BBY shares despite the occasional "value play" argument from some analysts out there.
Meanwhile, oil prices ran higher amid rumblings in Iran that the country could consider an oil supply shut-off. This rumor comes as analysts are out pounding the table on names like Hess Corp ( HES ) and Marathon Oil ( MRO ) just to name a few. Bucking today's selling were a couple of pharma names we follow, Eli Lilly ( LLY ) and Pfizer ( PFE ), as investors looked for a place to park some capital during today's market dip.
Complain or Correct?
Growing up, I used to hear the phrase "action speaks louder than words" from various authority figures. Teachers would recite the phrase to students who promised to do their homework "next time." Parents would tell kids to clean up their rooms if they wanted a snack, all the while the child would plead of their exhaustion (from playing!) and that they deserved a treat. Later in life, too, we encounter the phrase. Perhaps you've asked a boss for a promotion or raise without any real justification besides "time served" with the company - and not for the higher quality of work provided.
Many people also tend to voice their complaints publicly, which is a big mistake. You'll rarely get very far by posting a heated rant about your boss on Facebook (and in some cases, people actually get fired as a result). In investing, too, we tend to point to others for our mistakes. "The guy on TV said to buy this stock," so you did. Now things haven't worked out, and you're likely to complain to friends and family about it.
Rather than changing strategies and searching for the real solution, many tend to stick to the same course of little to no results. Why is that? It's always easier to point the finger at something or someone else as the reason investing results have been as poor as they have been.
One of my favorite stories comes from author/motivational speaker Zig Ziglar, who talked about how caterpillars would have a habit of following each other. One day the caterpillars formed in a circle and kept walking round and round. They eventually died from starvation, with a food supply of pine needles just inches away. You see, sometimes the solutions are extremely close to us, but people just can't seem to make that small step. Opening an online brokerage account and setting up an automated process to sweep money into that account is a simple process. Buying the best dividend stocks on a regular basis is also very easy to do. Stop complaining. Forget about excuses. Just do it!
Income, Income, Income
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Thanks for reading everybody. I'll see you tomorrow!
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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