Louis Navellier: Foundation of the Market is Good

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Longtime market maven Louis Navellier, Navellier & Associates, was interviewed on CNBC this morning. Stressing that companies returned $904 billion to shareholders last year and would return over $1 trillion this year through dividends and buybacks, Navellier said the foundation of the market was good with the S&P 500 yielding over two percent.

Navellier stated the strong dollar was crushing earnings of multi-nationals and commodity stocks. “The reason we’re up is because we picked stocks with strong sales growth and there was a reshuffling of the S&P 500 which could last for a few years,” Navellier added.

“Money is going to keep pouring into America,” Navellier said. Navellier stated he lived in Florida which was inundated with Europeans and Russians.

Navellier said he was focused on healthcare stocks, while the consumer stocks were currently the stronger group. He expected the technology sector to pick up steam later in the year.

The interview continued with Navellier discussing Apple and the upgrade cycle, why the drop in emerging markets doesn’t affect the U. S., and why McGraw Hill needs to fix the S&P 500.

Back in September 2008, Navellier declared the earnings season would be incredible (link).

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