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The sting from the negative GDP read on Wednesday continues to hamper the rally. In fact, Thursday's close has us just a smidge under 1500.
Today's slate of economic reports holds the key for where stocks are headed next. The lineup includes some heavyweights like Government Employment Situation, PMI Mfg, Consumer Sentiment, Construction Spending and ISM Mfg. (Key reports in bold).
Beyond this short term conundrum we have a fairly good read on the long term outlook for 2013. That being the concept "As January goes, so goes the rest of the year". Amazingly 36 out of the last 39 times that January has been profitable for stocks, the year ended in positive territory too. That is a hard track record to beat. And gladly, this January was up +5%.
That fits in with my thesis that the market will stay on the uptrend until a recession is on the horizon or stocks become overvalued. Neither is of serious concern at this time and that is why I think this will be another profitable year for stock investors.
Big funds and plans try hard to keep others from spotting their key moves too soon. They need time to go all in, drive up the prices, and make big profits in any market condition.
Until now, you could only catch early hints of their moves if you had the time, will, and expertise to comb through obscure SEC filings. Today, Zacks shows you can get in much more easily - at the first sniff of the best "smart money stocks."
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