Earnings Up, Govt. Data Down, The Roller Coaster Continues

Today actually ended on a positive note, thanks to Chicago Manufacturing Data which saved the day after a disappointing 2.4% rise in GDP for the second quarter (expectations were for a 2.5 to 3% rise). The S&P 500 ended up .01%. Okay, it's only a fraction, but in this market we'll take any good news we can get.

Chevron did not disappoint. Earnings tripled & both sales and earnings smashed through expectations. The stock wallowed in the general market malaise during the day but finally managed a 19¢ gain to $76.21 by day's end.

Gold rebounded after all the dour economic news, but we're hoping this is just a bump in the road for DZZ, the Deutsche Bank Power Shares Gold Double Short ETN. Stay the course.

A good weekend to all! Go out and enjoy life!

KISS YOUR GOLD GOODBYE!

Today gold took a tumble, falling to $1,162/oz. Our favorite DZZ shares soared, closing up 37¢ to $12.15. We've made a nice profit, buying in at the height of the yellow metal's euphoria, when DZZ was at $10.60. Now the quandry: hold on for a year for the long-term capital gains, or get out while the getting's good. Market Edge Second Opinion® just upgraded the ETF to a buy, so we'll hold on for a while. It's gonna be a crazy ride!

IS THERE LIFE IN CURIS?

We took a big hit a couple of weeks ago when this biotech had some disappointing trial results, but we like its partnership with Genentech and we're holding on. May even add some shares at these reduced prices. It closed down 6¢ at $1.74 today.

COKE IS IT!

Despite Charles Schwab's D rating, we like Coke and its just released strong earnings proved us right. It gained another 11¢ today to $55.05. Ned Davis, S&P, Argus & Market Edge all give it their highest rating.

GE BRINGING GOOD SHARES TO LIFE!

GE just upped its dividend 20% and the stock has bounced to $16.18. What's not to like? Ride this one all the way up to $18 and watch the profits roll in.

Well, it's time to enjoy some Shiraz and watch the sun set on this beautiful summer day. Happy investing to all!

LPM

So it shall be written....

I'll start with my picks:

DZZ

GE

KO

WMT

CVX

AVII

Market flat today ahead of Bernanke's remarks. KO up 2% on strong sales & earnings report.