Ingersoll-Rand Finishes Friday in the Red
The Dow Jones Industrial Average jumped 69.99, or 0.63%, to 11,204.28, while the S&P 500 gained 8.61, or 0.71%, to 1,217.28. The Nasdaq added 11.08, or 0.44%, to 2,530.15.
Gary Kaminsky said on CNBC’s “Fast Money” TV show that the market meltup continues with hundreds of companies reporting new highs. He said there’s no way “you can have corrections” when there are 400 new highs.
For a breakout of some stocks from a recent “Fast Money” TV show, check out Dan Fitzpatrick’s “3 Stocks I Saw on TV.”
3 Stocks I Saw on TV
Joe Terranova said the hardest trade to is to stick with the rally. He said the market is in a melt-up mode, led by consumer discretionaries.
Anthony Scaramucci noted 234 companies out of the 324 companies that have reported have outperformed the Street’s expectations.
Kaminsky said the Fed’s decision to keep interest rates low makes it easier for investors to stay in stocks.
Terranova said the S&P will reach 1,300 only if quality names in the energy, materials and technology sectors show leadership. He said he saw some of that leadership displayed in the Select Sector: Energy SPDR(XLE).
Brian Kelly said the 1,230 level in the S&P is very important technically, noting investors might use that level as a “excuse to sell.”
Melissa Lee, the moderator of the show, said Apple(AAPL) now has the second largest market cap, jumping over Microsoft(MSFT).
Scaramucci said companies that huge start to flat line, but Kaminsky disagreed, arguing Apple is the only company he’s seen in a long while that has to ability to grow revenues organically.
Shifting the homebuilders which got a lift in the market today, Kelly said he likes Armstrong World Industries(AWI) as a derivative play.
Grasso said the rise in home construction will benefit building suppliers like Lousiana Pac(LPX) and Weyerhaeuser(WY).
Shifting to topic of ad spending, Kaminsky said newspapers will benefit from the bounce back in ad spending because they enjoy a lot of leverage in local advertising markets.
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