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What a crazy week so far in the stock market. Oil rallied, United Kingdom's debt was downgraded, dismal housing reports, and the FOMC minutes revealed a deep seated pessimism within the Federal Reserve.
However, great, market positive electoral news out of India and strong domestic earnings reports are keeping stocks positive so far for the week. Action has been confused and choppy. The question on every investor's mind is this the start of the new bull or simply a hard bounce in the midst of the bear? It's still too early to say for sure, but things are looking very positive for the new bull market case.
Regardless of what happens, long term investors need tools to properly evaluate their existing portfolio and to choose new stocks to replace those that simply didn't perform. Our Long Term PowerRatings serve both these purposes. This week's communities most requested list is filled with low rated, yet popular stocks across multiple sectors.
For those of you unfamiliar with our Long Term PowerRatings stock picking system, here is a brief synopsis: PowerRatings are based on a 13 year study of over 5 million trades across most market conditions and environments. Unlike other research of this type, we used statistically valid methods and every day is equally weighted. This means if a stock has earned a 10 rating, every day it has the 10 rating, its viewed one year ahead from that day not simply on the day it is awarded the rating. This makes Long Term PowerRatings a truly dynamic tool for choosing stocks and evaluating your long term portfolio.
Let's take a closer look at a few of the stocks our community have a close eye on:
Johnson & Johnson (JNJ | Quote | Chart | News | PowerRating) - This 8 rated stock is the highest ranked stock on our most requested screener. In fact, with an 8 rating it is among the highest rated stocks across the board currently. In April, the major drug maker announced a 6.5% dividend increase. 1st quarter results indicate declines across the major fundamental metrics. Sales were down 7.2%, negative currency impact of 12.6% and Net Earnings took a 2.5% hit. However, EPS matched last year at $1.26 and the company reconfirmed its earning guidance of $4.45 to $4.55/share for 2009. The CEO, William Weldon, sounded very optimistic about 2009 despite the slightly negative results. The company recently hosted a conference with analysts regarding its new NEVO stent product. Technically, price has burst our above the 50-day SMA and is hitting resistance at $56.00/share. The 200-day SMA is resting at 58.75 and is the next hard technical resistance level.
Apple (AAPL | Quote | Chart | News | PowerRating) - This innovative computer company has earned a 5 Long Term PowerRatings. It is the second highest ranked stock on our most requested screener. The first quarter of 2009 was stellar with record revenues and profits. Over 4 million iPhones and more than 22 million iPods were sold in the quarter representing 88% and 3% unit growth respectively. On the charts, price surged above both the 200 and 50-day SMA's, however hitting resistance around $135.00/share. Price dropped back to $120.00 where it found support and has since bounced back toward resistance at $135/share.
Bank of America (BAC | Quote | Chart | News | PowerRating) - This 1 rated stock is the second most requested issue on the most requested screener. Its future is very uncertain with the massive issuing of $13.7 billion dollars of new stock to meet the stress test requirements. This firm is truly in the eye of the storm of the U.S. financial situation. An apropos name to hold such a position, in addition. Technically, price was rejected off of a nice uptrend by the 200-day SMA and has appeared to have found support around $11.00/share.
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David Goodboy is Vice President of Business Development for a New York City based multi-strategy fund.
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