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I thought the stars were lining up for a correction this April after the market reached new highs. Well, we got the new highs. We even got some weak economic reports. Amazingly, there has only been a -3.8% pullback to date, which does not make the grade for an actual correction (5% is the minimum drop for that designation). This retreat only gets labeled as a consolidation period within a bull market.
Indeed a correction may still be on the way, which is the focus of my latest Real Time Insight post. However, the more I think about it, the less likely I think it becomes. Meaning that the odds are now pointing to this just being a consolidation period before stocks stretch out to even higher highs.
It's a combination of two things. First, is "The Natural Gravity of the Stock Market" philosophy I shared with you all back on February 15th. Second, is that investors are no longer as easily shaken by the latest media hyped fear mongering. Instead every momentary dip is just seen as a buying opportunity. That mentality pushes the odds towards more upside on the way.
You never know what tomorrow brings and how stocks react to that news. But for right now, I will start putting my foot back on the accelerator pedal with expectation of the S&P hitting 1600 and beyond.
Companies have been using every trick in the book to eke out an extra penny come earnings time. But none of their tricks are working. If you don't dump these zombie stocks now, you'll be left holding the bag when their stock is punished.
Today, Zacks members are invited to download a revealing Kevin Matras Special Report for FREE. Our Zacks research expert strips away the mystery from three powerful, often misunderstood strategies that have been steady, conservative money makers in up-and-down markets like we're seeing now.
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