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Today we bring you the latest installment in our series of interviews with the Dick Davis Digest contributors, in which Ron Rowland of Austin, Texas, shares his approach to the market and some advice for other investors. Ron’s newsletter, All Star Investor, has been named to the Hulbert Financial Digest’s...

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Current Market Outlook


The market had another constructive week, and today, the S&P 500 actually nosed out to new highs, with the Nasdaq close behind. While small- and mid-cap indexes are still further behind, the tenor of the overall market continues to improve—it’s likely not up and away, but the odds continue to favor the next big move being up. Individual stocks remain far trickier, with rotation occurring daily, but our thoughts from last week haven’t changed much: Given the many solid setups out there, a positive earnings season could launch a bunch of new leaders we can hop on (we think we’ve already highlighted some of them), but it’s still up to the bulls to produce a bunch more powerful breakouts in the indexes and individual stocks.

This week’s list is a mix of recent earnings winners and others that are set up nicely ahead of reports this week. Our Top Pick is Vertex Pharmaceuticals (VRTX), which might finally be getting going after years of ups and downs. Earnings are due Wednesday evening so handle with care.

Stock Name	Price	Buy Range	Loss Limit
ACADIA Pharmaceuticals (ACAD)	47.84	40-42.5	35-36.5
Allegiant Travel (ALGT)	170.65	164-168	151-153
Fortune Brands Home & Security (FBHS)	81.02	58-60	53.5-54.5
Lam Research (LRCX)	268.47	260-270	240-245
Pinduoduo (PDD)	87.53	39.5-41.5	35-36
Reliance Steel & Aluminum Co. (RS)	117.45	114-118.5	103-105
Seattle Genetics (SGEN)	150.85	99-103	89-91
Teladoc, Inc. (TDOC)	127.95	69-72	62-63.5
Valero Energy (VLO)	97.40	95-98.5	86-88
Vertex Pharmaceuticals (VRTX)	230.36	191-196	178-180

Current Market Outlook


There has been a lot of dramatic headlines recently, and we’ve even seen some sharp market moves. But net-net, the market remains where it’s been for the past few weeks—generally stuck in a tight trading range, with some stocks doing well, some faltering and most just biding their time. Long-term, we’re still optimistic that the next major move will be up, based on the still-bullish major trend of the indexes, the lack of selling pressure on the broad market and numerous studies that point toward higher prices in the months ahead. Because of that, we’re all for holding your strong performers, and it’s fine to pick up shares of new leaders at good buy points. But it’s best to quickly get rid of losers and hold a little cash until the buyers flex their muscles.

This week’s list has a nice mix of growth stories and turnaround situations. Our Top Pick is FMC Corp. (FMC), an agricultural chemicals firm that soared last week after a game-changing acquisition that should significantly boost earnings.

Stock Name	Price	Buy Range	Loss Limit
Darden Restaurants (DRI)	106.63	81-83	76-77
FMC Corp. (FMC)	0.00	71-75	65-68
iRobot (IRBT)	103.17	64-66	59-61
Louisiana-Pacific (LPX)	0.00	24.5-26	23-23.5
Madison Square Garden (MSG)	298.38	196-202	186-189
Medidata Solutions (MDSO)	0.00	60.5-63	56-58
Melco Resorts (MLCO)	0.00	18.5-20	17-17.5
Micron Technology, Inc. (MU)	43.31	27-28.5	24.5-25
Qorvo (QRVO)	129.47	69-71.5	65-67
Wright Medical (WMGI)	0.00	29-31	26-27

We have three changes in the portfolio this week.

Cree Inc. (CREE) is a leader in the production of light emitting diodes.

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Becoming the beneficiary of an IRA inheritance trust requires knowing some specifics about governing the trust accordingly.

“Headquartered in Pennsylvania, FMC Corp. (FMC) is a global seller of chemicals widely used in both agriculture and industry. In terms of revenues, the company holds the No. 1 or No. 2 position either globally or within North America for most of its product groups. Its agriculture segment...

WHAT TO DO NOW: Remain defensive. Near term, we are seeing a couple of rays of light, including a developing positive divergence from our Two-Second Indicator and some legitimate dips in some reliable sentiment measures, so we’re not sticking our heads in the sand as the vast majority of primary evidence and our market timing indicators are negative, with the indexes so far having trouble finding much support. We could do some nibbling if the market finds a low it can work off of, but in the meantime, we advise staying mostly on the sideline and letting the sellers finish up their work. We have no changes tonight, and the Model Portfolio’s cash position is 83%.