11/14 Kelly Letter Topics
Weekly market review
The bottom holds
Big bounce volume
Recession projections
The magic midpoint
LevMark Timer holds
Crocs is dying
Hope for Goldman
Importance of retest
The stock market meandered around unchanged last week. My Dow portfolios rose a little bit while my individual stocks slipped a little. We're in a holding pattern in front of what I still believe will be a firm rally over the next couple of months. A holding pattern at a 17% gain in the case of Maxtor is fine by me.
There's some good news to report on one of my stock suggestions: Disney. From BusinessWeek Online:
Disney reported a 24% hike in net income, to $516 million (25 cents per share), in the quarter ended Sept. 30, vs. $415 million (20 cents per share) in the same quarter last year. The Magic Kingdom also reported full-year earnings of $2.3 billion for the fiscal year ($1.12 per share), vs. last year's $1.3 billion (62 cents per share). Minus a small tax gain, the $1.08 earnings-per-share number beat the $1.06 First Call consensus. And Disney executives have reiterated that they expect to see double-digit growth in fiscal 2005 earnings. [full story]
I bought Disney at $15 expecting a double. Looks ever more clear that I'm going to get it.
