Investors Bid Up Stocks Of The Billionaire Crowd
The market is getting a bounce at the open, reversing yesterday's weak finish. Large-cap stocks are leading the way, after it was disclosed that Warren Buffet doubled his stake in JNJ, Eddie Lampert bought an $800 million stake in Citigroup (C), and George Sorors doubled his investment in MSFT.
AMAT reported okay earnings, but gave soft guidance. That has the stock down -4.5%, and is weighing on the semi group. Energy stocks are also mostly lower as oil trades down again, near $62.45.
Asian markets were up slightly overnight. And bond yields are steady at 4.70%.
Given the run the market has enjoyed, I am still looking to hedge some of my recent gains, and wait for at least a small pullback. I know this strategy hasn't worked well most of the year, but that's my plan and I'm sticking to it.