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Will 1600 Hold?

Stocks blasted above 1600 on a strong monthly jobs report. Not only was this month above expectations, but even more impressive, last month was revised higher by 50,000 jobs. This had stocks off to the races.

I know it is hard to fathom how a higher than normal 7.5% unemployment rate translates into stocks reaching record highs. That boils down to the following:

1) The direction of the economy is more important than the absolute strength of the economy. It has been improving for 4 years and that creates a positive investment environment.

2) Don't Fight the Fed: QE has effectively pushed down bond rates to levels that make all other forms of investment more attractive. Namely real estate and stocks.

These are the trends that matter. It doesn't mean that stocks will go up every day or week or month. And yes, this bull may tire soon. But with the evidence in hand, then I will not be selling this May. Nor will I be walking away. I am here for the stay.

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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

Private Bancorp (PVTB)

You won't lose interest in this top ranked banking stock, as growth and earnings estimates are both increasing.

 

Zacks Rank #5 Strong Sell

Pan American Silver (PAAS)

The shine is gone from this low rated stock as silver prices have been weak and earnings estimates decline.


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