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Market Update July 27, 2011
Posted on | July 27, 2011 | Comments Off
The Dow got slammed 200 points today with most people pointing to the pending debt ceiling deadline on August 2nd. As our politicians engage in political theater, all of a sudden the market is worried about debt? Please. The debt has been the same and continues to grow at the same pace. This current round of political theater is meaningless. The US fiscal situation is the same (which isn’t a good fiscal situation) regardless of some stupid debt ceiling that politicians have created.
Looking at our dividend portfolio, Raven Industries (RAVN) looks like it got hit the hardest - down over 4% today. This is putting the stock in the low $50′s for the first time in weeks. I’m still holding off on acquiring more shares here until we’re at least in the $40′s. I do think we’ll get there.
Microsoft took a hit for the first time in some trading sessions and got chopped 2.5% off its price. It’s still well over $27/share. McDonald’s and Philip Morris, despite taking a small hit, still remain at very high levels.
Patience is the name of the game while we wait out the current negotiations and positioning by our fearless leaders in Washington. Since our economy is intertwined with politics these days, the markets might see some volatility. I welcome it.