***Note: This message is part of Louis Navellier’s Market 360 e-letter series. If you don’t already receive these email alerts, and would like to, you may sign up to his mailing list here.***
All eyes are on Greece this week. The small coastal nation has once again grabbed the attention of the world as it fights a seemingly unsurmountable amount of debt. On Sunday, 61% of voters during Greece’s referendum stated that they will not accept the Eurozone and International Monetary Fund’s (IMF) demands for pension cuts and further austerity measures.
Following the "no" vote, Greece’s finance minister, Yanis Varoufakis, resigned at the urging of Prime Minister Alexis Tsipras. Along with Tsipras, Varoufakis was against the Eurozone and IMF’s demands—but apparently he was more abrasive in his dissent. Greek leaders are meeting to discuss their strategy for ongoing negotiations with creditors, while the Eurozone has an emergency summit scheduled for today.
In the meantime, Greek banks are expected to remain closed through Friday and capital controls remain in place. Given that Greece missed its 1.55 billion ($1.72 billion) euro payment to the IMF last week, the European Central Bank (ECB) is still deciding whether it should continue to provide emergency funding to the country. Already, many ATMs in Greece have run out of 20 euro notes, while others are completely empty. So the country remains in financial limbo.
Clearly, the situation in Greece is critical, and the impact is being felt here in the U.S. The Dow has fallen for the past two trading days, and is trending lower today. The VIX jumped to a three-month high. And my inbox has been flooded with emails asking what to do now. Many of you want to know about specific stocks that have risen or fallen in the wake of this developing Greek story. But the majority of the emails I have received boil down to this “is it time to sell or buy more?”
The answer is tricky and so is this market. That’s why I’m starting a new Market 360 series this week. I’m calling it my Market Maneuvers series. It will address the latest market movements and specific sector and stock commentary that will give you the extra insight and guidance you need to navigate and profit in this market.
On Thursday, if you’re signed up for Market 360, watch your inbox for the first in this special series. I’ll be addressing what’s happening in the market and start a sector review that will help lead you to those pockets of strength that offer profit potential and avoid those that are out of favor.
I’ve been doing this for more than 30 years and, I won’t sugarcoat it, there are dangers in this market. Many stocks will be impacted by the events now unfolding overseas. This will weigh on the markets and it will keep the generalized fear high. But, there are also tremendous opportunities ahead. Earnings season starts today, with Alcoa Inc. (AA) kicking things off with its second-quarter report after the closing bell. While the aluminum company is expected to post 27.8% annual earnings growth, sales are expected to be 0.8% lower than a year ago. AA is a D-rated sell in Portfolio Grader.
And while many companies will struggle to post the kinds of numbers it will take to grab investors’ interest and build their wealth, there are companies out there that are primed to deliver stunning sales and earnings growth—and to be handsomely rewarded for it.
I want you to think of this market like a gold mine. There are thousands of acres of dirt, but only one thin “pay streak” of gold. Going out and randomly digging for that gold would be a fool’s errand. But knowing exactly where to dig and methodically moving away the useless dirt quickly and precisely is what we’re going to be doing over the next several weeks.
I’ll help you separate the impactful news from the useless headlines and guide you to the best stocks on Wall Street that can deliver wealth-building profits in this market.
So make sure you’re signed up for Market 360, then watch your inbox this Thursday for my next Market Maneuvers communication. We’ll start this important series by covering several “Greece-proof” stocks from the Aerospace and Defense sector.
P.S. I was also invited back on CNBC to discuss the Greece crisis, China, and other ways to protect your portfolio this summer. You may watch the video here.