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All In All: A Good Week For Markets Despite Prior Loosing Streak. Will Next Week Be A Repeat?

|Includes: Johnson & Johnson (JNJ), PT, XOM

Friday the 13th, although thought of as an unlucky day, ended up being a very lucky day for stocks. Both the Dow and S&P 500 literally shattered their six-day losing streak. This was due largely in part to sharp gains in financial sector following JPMorgan's earnings report.

With Friday's rally, the Dow and S&P 500 managed to close out the week in the green. Even with Friday's Rally, there is still uncertainty surrounding European Markets. However, I highly recomend buying into Portugal Telecom (NYSE:PT) while the price is low.

As for here in the US, I am highly recomending sticking to less speculative plays due to the uncertainty of the US economy. I stick to investing in companies that make products that people need and use everyday. Some of my holdings include Exxon Mobil (NYSE:XOM), and Johnson & Johnson among others. Investing in companies like these is still risky but much safer that more risky, non-consumer related stocks. Because people always need medical supplies and drinks, these stocks provide a pretty safe chance of a return.

Dividends for stocks mentioned in this article are also a great reason to invest in these stocks. With dividends you are pretty much being paid to wait. This is also a very good way to generate income during uncertain times in the stock market.

Dividend amounts for stocks mentioned in this article are mentioned below:

Exxon Mobil : $2.28 (2.67%)

Johnson & Johnson (NYSE:JNJ): $2.44 (3.56%)

Portugal Telecom : $0.82 (17.93%)

All in all it was a great week for the markets.The Dow Jones Industrial Average finished up a healthy 200 points, catapolted by JPMorgan [JPM 36.07 2.03 (+5.96%) ] and BofA [BAC 7.82 0.34 (+4.55%) ]. H-P [HPQ 18.98 -0.37 (-1.91%) ] was the only laggard on the blue-chip index. My advise, if you are going to invest, invest now while these stocks are are low. However, I would strongly avoid Bank of America and If you are already holding shares of Bank of America I would sell them immediatly. This is due to an impending class action lawsuit against the company over force-placed insurance polices on customer's mortgages. Bank of America purchased these policies without notifying them of the decision. This has only hurt the customers as it is increased the amount of their monthly mortgage payments, making it harder for them to pay. If involved customers get their way, Bank of America will be out a lot of money, and that will only lead to one final result, shares will plummet. In short, even though Bank of America shares are trading higher for now, they soon wont be after the lawsuit is filed. Thus I am initiating a strong sell recommendation on BAC, effective immediately. Get out before its to late.

Shifting to positive news, both the S&P 500 and the Nasdaq closed near Friday's session highs. The Nasdaq broke a five-day losing streak. The CBOE Volatility Index, widely considered the best gauge of fear in the market, sunk to below 17.

All 10 S&P sectors closed firmly in positive territory, led by financials and materials.

I am maintaining my 1,450 year-end price target for the S&P 500.

Disclosure: I am long PT, XOM, JNJ, PEP.

Additional disclosure: Strong Sell: BAC