Laggards Push Indexes Higher
I didn't like today's move up. Pfizer (PFE) (Up 5.74%) & Verizon (VZ) (Up 3.47%) inflated the Dow while Cisco (CSCO) (7.24%) and Dell (DELL) (6.16%) inflated the Nasdaq. Most of the leaders had a flat or down day see: AMD, MRVL, BRCM, ABX, JOYG, PCU, DO, & GOOG. Today's move higher is overdone by the bulls. I would not want to own Pfizer, Verizon, Cisco, or Dell. They are hardly showing any earnings growth, no new groundbreaking technology, and every mutual fund already owns them.