It's insane how many stocks got huge increases in their earnings forecasts today. Virtually all the mining stocks, energy stocks, China tech stocks, aerospace stocks, airlines stocks, and rideshare stocks got bumps. Some of the biggest raises came in Baidu, Boeing, and Uber. I'm also seeing some pharmaceutical upgrades in companies like Abbvie and Alexion. Some retail players got upgrades, including CVS and J Alexander's. Shipping company UPS got an upgrade, as did social media company Snap and chipmaker AMD. Given the enormous change in earnings outlook, the market's strong move higher today is just the beginning. We could see huge gains in January.
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UPRO obviously is down today, partly on news of conflict with Iran, and partly perhaps as a cautionary pullback from yesterday's big run. Aerospace, energy, and mining are still looking great, so make sure you have those in your portfolio as a hedge against further escalation of the Iran conflict. But also, consider buying the dip on some of these other stocks and sectors.
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I added shares on the dip and so far am glad I did!