The volatility in the markets continued today with the Dow making up all it lost in last Friday's sell off. It was the best day for my portfolio in over a month and the best Monday I have ever had.
Several stocks in the portfolio closed at their high for the day on heavy volume. Of particular interest me are Pfizer and AIG. Pfizer was up .60 today to $24.11. I suspect with the high dividend yield of Pfizer will not drop much further unless there is some major negative news. According to Marketwatch is on track to triple its Phase III portfolio by 2009. Pfizer expects to introduce 4 news medicines a year to the market beginning in 2011 (see article at Marketwatch). The patient long term investor may be getting a bargain at this time with Pfizer.
AIG was up $2.92 today. I suspect that traders are buying before earnings which will be released after the close on Wednesday, August 8. I still contend that AIG is cheap and at some point will have a major positive move.
Disclosure: I am long in both PFE and AIG. I am an amateur investor. Always due your own due diligence before investing.
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