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ZACKS
Breakout to New Highs on the Way?

The big headlines on Tuesday bragged about the Dow making a new all-time high. However, you probably noticed that we don't talk much about the Dow here at Zacks because the S&P 500 is a vastly superior benchmark for the broader market.

The good news there is that the S&P broke above the previous 52 week high on the way to up to almost 1540. That means we are less than 2% away from the record high of 1565.

Will we get there soon?

I like the odds that the past couple weeks has served as a healthy consolidation period. The strong showing for the ISM Services report on Tuesday gives confidence to creep higher. The quality of the monthly employment reports on Wednesday and Friday may provide the rest of the catalyst to get us to 1565... and perhaps up to 1600.

Those who keep questioning this bull rally continue to be taught a costly lesson. Stay long my friends until the odds of a recession becomes more serious.

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Steve Reitmeister

Executive VP - Zacks.com

Zacks Investment Research

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Bull & Bear of the Day

Zacks Rank #1 Strong Buy

Skechers (SKX)

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Zacks Rank #5 Strong Sell

Salesforce.com (CRM)

All-time highs are nice, but the earnings picture is still well below the clouds.


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Ideas for ETFs, Retail and Transportation Services. Opportunities covered include S&P 500 Low Volatility ETF (SPLV), Gap (GPS) and Wabtec (WAB).

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