Bear Market Bargain Hunting

[BadThad]

Looks like another bear is running the show. Time to BUY! How about some great deals? There must be some good deals out there.

I like these:

AAV
PCL
USMO
XOM

My #1 Choice BadThad buy!

USB

I've been watching this stock closely, it was down and about to form a cup IMO. Then the bear market hit and kicked it while it was down....I think it's a GREAT buy. I'm not trying to pump (I am in this position currently), just want others to do some DD and see what they think.

Link to Thread for DD

[orange]

you may be right, badthad- and i'm not talking about any of your picks, just generally. i grabbed a bargain late last week after a 10% dip, only to watch it dip another 7% and hit a death cross where i totally lost my nerve today and bailed. so i guess i'm saying "caution" is the word for awhile. friend of mine left me a voicemail tonight- basically "beware high volume issues", market's being ruled by raw emotions now, bearish emotions as you point out.

[BadThad]

Originally Posted by orange

you may be right, badthad- and i'm not talking about any of your picks, just generally. i grabbed a bargain late last week after a 10% dip, only to watch it dip another 7% and hit a death cross where i totally lost my nerve today and bailed. so i guess i'm saying "caution" is the word for awhile. friend of mine left me a voicemail tonight- basically "beware high volume issues", market's being ruled by raw emotions now, bearish emotions as you point out.

Indeed friend, indeed.

[BadThad]

Looks to be coming back today....false hope? LOL Amost all my positions are moving....so far. YAY!

[BadThad]

Bears ate their Wheaties, fighting back now....arrrrgggg.

[BadThad]

Bear is winning again today big time....hang on boys! Just remember, bull follows bear everytime.

[rtace]

Yah the market is definitely getting smacked downward

[BadThad]

Dow 13,501.86 -283.21 (-2.05%)
Nasdaq 2,588.66 -59.51 (-2.25%)
S&P 500 1,482.52 -35.57 (-2.34%)

PANIC....SELL SELL SELL.....lmao....just need to find the bottom for some hot deals now. I'm going to make some serious $$$ off this!

[lovemoney]

A correction is healthy for this market but MAN, this is hard to watch. U*G*L*Y! Looking soon for good buying opportun for long term holds on strong companies though.

[BadThad]

News on market:

An Ugly Day for Stocks
1:33p ET July 26, 2007 (S&P)
The bears roamed freely on Wall Street Thursday as investors weighed a nasty brew of continued dreadful home sales, mixed earnings news, a jump in energy prices, and further retrenchment for the credit markets.

In the early afternoon on Thursday, the Dow Jones industrial average was down 273.62 points, or 1.98%, to 13,511.45. At one point, the Dow was off 300 points.

The broader S&P 500 moved below the 1,500 mark, down 2.22%, or 33.77 points, to 1,484.32. And the tech-heavy Nasdaq Composite was off 2.22%, or 58.85 points, to 2,589.32.

Stocks were broadly lower, with 30 stocks lower for every three higher on the New York Stock Exchange. On the Nasdaq, the ratio was 24 to 5 negative.

On Wednesday, bankers postponed the sale of $12 billion in debt to fund the purchase of an 80% stake in Chrysler Group by Cerberus Capital Management. The deal will still go forward, but the move raised questions about credit market's willingness to buy riskier corporate debt, and what that might mean for the ongoing boom in buyout activity (see BusinessWeek.com, 7/25/07, "Wall Street Reacts to Bad News").

Traders are also worried about rising oil prices and the possibility the weak housing market will hurt consumer spending, according to John Wilson, chief technical strategist at Morgan Keegan. "The Dementors seem to be circling around sucking all the joy out of the market," he wrote in his morning note.

While Apple (AAPL) and Ford (F) reported strong earnings, other companies' earnings reports fell short. More than a third of the S&P 500 report earnings this week.

At 10 a.m., investors learned that new home sales plunged 6.6% in June. Wall Street was expecting a 1.6% drop. May and April new home sales numbers were revised lower.

Also, U.S. durable goods orders Thursday were up 1.4%, less than many had expected, after a 2.3% decline in May. Action Economics says that despite the headline gain, many of the subcomponents fell.

It has been a volatile several days on Wall Street, which is in the heart of earnings season. Stock indexes moved higher on Wednesday, following a sell-off on Tuesday, but the broader market was mostly down. "Yesterday's rally, while a welcome relief, didn't have the feel of a significant reversal," Wilson wrote.

Adding to market worries, oil prices were pushing higher. Following a big spike on Wednesday, Thursday's September NYMEX crude oil futures were up 99 cents to $76.87 a barrel.

Among the earnings news, Exxon Mobil's (XOM) profits fell 1% in the second quarter. The world's largest company reported earnings of $1.83, up from $1.72 because fewer shares are on the market due to a buyback program. Analysts were expecting earnings of $1.96 per share, according to Reuters Estimates.

Apple reported third quarter revenue of $5.41 billion and net profit of $818 million, or $0.92 per share, up from revenue of $4.37 billion and profit of $472 million, or $0.54 per share a year ago. Gross margin was 36.9%, up from 30.3% a year ago. The stock was up 6.5%.

Ford Motor surprised Wall Street by posting a profit in the second quarter of 31 cents. Revenues rose 6% as the company lost 17 cents a year ago.

3M (MMM) earned $1.25 per share in the second quarter, up from $1.15 per share and above analyst expectations of $1.18 per share.

U.S. Airways (LCC) was down after reporting earnings of $2.77 per share, vs. $3.25 a year ago. Revenues were slightly lower and the firm reported higher non-fuel expenses.

Dow Chemical (DOW) was trading lower after reporting earnings of $1.07 per share, vs. $1.05 a year ago. Revenue rose 6%.

Black&Decker (BDK) disappointed investors with earnings of $1.75 per share, vs. $1.98 a year ago. Sales were flat, and the firm expects third quarter sales to be flat as well. The tool maker cited the weak housing industry and commodity inflation.

Aetna (AET) reported earnings of 85 cents per share, vs. 67 cents a year ago. Revenues were up 8.7%. The insurance firm raised its 2007 guidance by 5 to 7 cents per share.

Travelers Companies (TRV) reported earnings of $1.86 per share, vs. $1.36 a year ago. Gross written premiums were up 1%, and the insurance company raised its 2007 earnings guidance by 20 cents.

Ryland Group (RYL) reported a loss of $1.25 per share in the second quarter. The home builder's revenues fell 38%. Beazer Homes (BZH) also reported a loss, of $3.20 per share, with revenues down 37%.

Bristol-Myers Squibb (BMY) reported earnings of 36 cents per share, vs. 34 cents a year ago as sales rose 1%.

Raytheon Co. (RTN) reported earnings of 79 cents, vs. 61 cents a year ago. Sales were up 9%.

U.S. jobless claims fell 2,000 to 301,000 in the week ended July 21 from 303,000 the previous week. The data indicate a solid labor market, Action Economics says, but probably won't have much impact on markets. Friday the markets will receive initial data on second-quarter U.S. gross domestic product (see our economic calendar).

European stock markets plunged on Thursday. In London, the FTSE 100 index was off 3.15% to 6,251.20. Germany's DAX index dropped 2.39% to 7,508.96. In Paris, the CAC 40 index fell 2.78% to 5,675.05.

Asian markets were also down on Thursday. In Japan, the Nikkei index was off 0.88% to 17,702.09. In Hong Kong, the Hang Seng index fell 0.64% to 23,211.69. In mainland China, the volatile Shanghai Composite index was up 0.52% to 4,346.46.

Treasury Market

Treasury prices spiked on a flight to safety from lower U.S. and European stocks. The 10-year note was up 24/32 to 97-22/32 for a yield of 4.8%; the 2-year note was up 09/32 to 100-03/32 for a yield of 4.625%; and 30-year bonds were up 30/32 at 96-23/32 for a yield of 4.75%.