Double injection action by the Fed this morning has covered the forest fire of credit crunch with a mist. Injecting $16 billion is a stop-gap measure, certainly. [Note: after three injections, the total is $39 million.] The fire is far from done, but the market has reversed. The Dow Jones had been 200 points down, but is now just minus 16. Nasdaq is positive. There's talk on CNBC about the Fed cutting the rate as much as 50 basis points.
Is it finally time to buy?
Here's a look at my favorite stocks, how low they dropped, and their current status as of 12:30 Eastern time.
Shopping List
AAPL, low 120, now 126
For me, AAPL at 120 is a steal. More than a steal. Of any stock that will lead a comeback, AAPL is in front. Pupule says: Strong Buy.
AMZN, low 72, now 75. Well off its post-earnings high of 89. Pupule says: Buy.
CROX, low 47, now 51. This stock had no business being at 47. The companies that smashed Q2 estimates and raised guidance are my big bulls. CROX is one of them. Pupule says: Strong Buy.
GRMN, low 99, now 99. Slow to rally, still above moving averages. One of the great stocks that has raised guidance. Pupule says: Wait.
RIMM, low 206, now 210. One of the early stocks to report Q2. Blowout earnings lift the price spectacularly, but consolidation and the market have brought the stock well into moving averages. Pupule says: Strong Buy.
Pupule Paul is long AAPL and CROX.
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