Consumer Confidence Hits Lowest Level Since 1973

The market fared very well today, imo. After yesterday's outsized rally, I would not have been surprised to see some minor profit taking. But instead, investors used the brief dips today to put more money to work, yours truly included.

Biotechs were the strongest group today (+1.34%), while retailers were the biggest laggard (-1.08%). The Nasdaq outperformed the S&P, while the Dow was slightly lower.

Oil also rebounded from its declines this morning, and finished slightly higher at $101.54. Boone Pickens was on CNBC today talking his book and saying that he thinks oil will go higher in Q2.

The dollar was lower vs. the Yen and Euro today, which helped boost gold and other commodities. Basically all of the energy and materials sectors were higher today.

The expectations component of the Consumer Confidence report this morning hit its lowest level since the oil embargo of 1973. That's pretty shocking. Consumers are more downbeat currently than they have been in 35 years.

My Stock of the Day is BE Aerospace (BEAV). I have owned this stock for a couple years, and it has done very well. Recently, it has come way down due to concerns about the global economy and access to credit for the big airlines.

Today, the company announced it had won an international airline program, initially valued at approx $215 mln. That's a nice order, with the potential to be even bigger.

The company is still executing, and I think the recent dip is another buying opportunity. I recently added to my positions.

long BEAV