Buffett’s firm, Berkshire Hathway, now owns 15.2million shares of Apple worth $1.5billion. Apple did report 2 months of losses but has now rebounded. Buffett cut his stake in WalMart by half. The reason for this is cut is unclear as WalMart is one of the best-performing shares with increases this year of 19.6%.
Other blue chips following the upward trend this year are Merck up 19.8%; United Healthcare up 20%; and Caterpillar up 23%.
This week, the DOW showed a record high of 18,636 (up 6.16%); the S&P500 was at 2,190 (up 6.85% this year); NASDAQ at 5,262 (22% up) has never been higher.
Retailers who will be reporting this week are Lowes, Target, The Gap, WalMart and Home Depot.
The market will have to pause for breath sooner or later and I would remind you of the importance of looking at other indicators beyond the stock market for topping signals. See our FX post today for the chances of possible increases in the Fed rate. We recommend caution as we approach the US General Election.