Market Wrap-Up for May 20 (CNX, ANF, JPM, BEN, AAP, NEM, more)

Filed in Barrick Gold, dividend, earnings, euro, Gold, Gold Investing, shares by on May 20, 2010 0 Comments

The market continued to sell off here and we continue to navigate through by making adjustments to our recommended list. We removed a couple of names this moning as we continue to try and position our portfolio as best we can going forward. Be sure to check out the link below if you did not read the e-mail alert we sent out earlier on the names being removed. We’re seeing a lot finger-pointing regarding the exact reason the market is selling off, but one doesn’t have to look far to see the drop in the Euro is one key concern, as are the latest rumors about a potential Lehman Brothers-like situation perhaps ready to pop in a multi-national or European bank somewhere. The rise in jobless claims reported today certainly didn’t help, but that is not a new story and at the end of the day, if we can’t create new jobs and incentivize businesses to put capital to work, and banks no less, the quagmire we are currently in will likely stick around for a while. Living off the government isn’t the foundation of a strong and prosperous nation. Hopefully our politicians understand this and figure out some ways to kickstart the process. As for today’s markets, the selling in low-yielding commodity plays once again did not let up. Stocks like Consol Energy ( CNX ) and Bucyrus International ( BUCY ) moved lower once again. Financial plays like J.P. Morgan ( JPM ) and Franklin Resources ( BEN ) were also weak today. The momentum in gold-related plays took a hit with shares like Newmont Mining ( NEM ) and Barrick Gold ( ABX ) down once again. Retail plays like Abercrombie & Fitch ( ANF ) and Coach ( COH ) were laggards on the tape. As for names that bucked the selling, Advance Auto Parts ( AAP ) and William Sonoma ( WSM ) were up after both companies posted solid earnings results. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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Market Wrap-Up for May 20 (CNX, ANF, JPM, BEN, AAP, NEM, more)

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