Stocks Up Again, Within Striking Distance Of An Upside Breakout
Stocks closed higher on Friday and for the week. This was the 3rd week in a row of gains for the S&P, and the 4th for the Nasdaq.
The major indexes are within striking distance of their all-time highs. And the S&P is literally only 0.18% away.
Strong earnings continue to drive up stocks. And we'll get another 680 companies reporting this week.
Growing trade optimism is also pushing stocks higher. Especially after it was reported that more "headway" was made between the U.S. and China on "finalizing" their phase 1 trade deal. The agreement is expected to be formalized and signed in mid-November when both President Trump and President Xi meet at the Asia-Pacific Economic Cooperation summit in Chile.
It was also good to hear that the auto workers strike between GM and the UAW is finally over. Late Friday afternoon it was reported that a new labor agreement had been approved, which put an end to the nearly six week-long strike.
Traders will shift their attention to the Fed on Wednesday when they meet again to decide if they'll cut interest rates for the 3rd time this year. There's less certainty surrounding the upcoming meeting vs. last month's near certainty for a cut. But the odds are still pretty high that we'll get another quarter point cut.
In the meantime, the markets look great. And they look poised for an upside breakout.
And when they do, stocks could soar.
As I've said over and over before, this is an historic time for our economy, and the markets.
So make sure you're taking full advantage of it.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
Our 5 best-performing strategies have blown away the S&P's +39.6% gain from 2017 through Q3 2019. Amazingly, they soared +51.8%, +57.5%, +96.9%, +119.0% and even +158.9%.
Today you can access their live picks without cost or obligation.
We highlighted companies with strong sales and a Zacks Rank of #1 (Strong Buy) or #2 (Buy), as well as a Zacks Style Score of A or B for growth. Read More »
Increasing usage of electronic testing equipment and solutions in the devices required in every major sector continues to be a tailwind for the industry. Read More »
Slowdown in global economic growth, trade-related concerns and a string of disappointing economic data are cited as the reasons for the Fed's dovish stance. Read More »
Before you make a trade, get today's market news from Zacks' latest Ahead of Wall Street article. With timely information from Zacks' analysts, each daily article features a preview of where the market is headed. Plus, Zacks #1s on the move, stock research reports, earnings and economic news, and a top-headline analyst blog. All of it in one easy-to-follow place to give you the edge.
Download our app for convenient on-the-go access to even more—daily and weekly newsletters published by Zacks experts, proprietary research and tools, and Portfolio Tracker on Zacks.com.
Visit Success Stories to hear how Zacks research, tools and portfolios help our members outperform the market.
Get all of our market insights and much more when you connect with us.
This free resource is being sent by Zacks.com. We look for investment resources and inform you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research is not a licensed securities dealer, broker or US investment adviser or investment bank. The Zacks #1 Rank Performance covers the period beginning on January 1, 1988 through June 3, 2019. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank #1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit http://www.zacks.com/performance for information about the performance numbers displayed above.
Zacks Emails If you would prefer to not receive future profit-producing emails from Zacks.com the primary purpose of which is the commercial advertisement or promotion of a commercial product or service, then please click here and confirm your request. If you have trouble with the unsubscribe link, please email support@zacks.com.
Zacks Investment Research 10 S. Riverside Plaza, Suite 1600 Chicago, IL 60606
Stocks closed higher on Friday and for the week. This was the 3rd week in a row of gains for the S&P, and the 4th for the Nasdaq.
Post a Comment
Post a Comment