Stocks break records with best day since 2002

Stocks break records with best day since 2002:

The Dow jumps 284 points, its biggest one-day point gain since October 2002, as Alcoa soars on takeover speculation. Intel and American Express see big gains. Wal-Mart and other retailers report better-than-expected sales for June.

I just sold HD for an 8% gain total and am now waiting on the sidelines. Waiting for things to settle down and am waiting to buy something else. Not sure what yet….

Home Depot expects lower Profits for 2007

From Reuters:

The home improvement industry leader said it expected full-year profit to fall 15 percent to 18 percent to a range of $2.30 to $2.36 per share. In May, Home Depot said earnings per share would fall 9 percent this year to $2.54. In February, Home Depot had projected a 4 to 9 percent decline in per-share earnings.

Also due to the housing slump, consumer spending on home improvement is expected to be lower:

“Housing turnover continues to slow and prices continue to come down,” said Keith Davis, an analyst with Farr Miller Washington, which owns Home Depot stock. “People aren’t spending the way they had been on home improvements.”

I’m thinking about selling while it’s still on the high. It’s 52 week high is $42.01, and it’s currently at $40.25. I’m currently at 7% gain with this stock.