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1700 is proving to be formidable resistance for stocks. But just as impressive is that each sell off is being seen as a buying opportunity. Such was the case Thursday when stocks spent the early session in the red, then fought back into a positive close.
It is hard to sell stocks when the Durable Goods report showed strength. And Jobless Claims continue to be under 350K, which bodes well for future employment gains.
Most interesting is that bonds continue to lose money leading to tremendous withdrawals from bond funds. Right now most of that money is being parked in money market funds. In time it will rotate to the stock market creating the next leg higher.
The consolidation period still has more legs before we breakout above 1700. So best to line up your favorite Zacks #1 Ranked stocks to buy on any short lived dips. The articles below will also point you in the right direction.
Testing shows that Zacks' unique low-risk approach to Aggressive Growth can deliver tremendous gain in only 1 to 3 months. The key is to buy these stealthy stocks before Wall Street notices them, and then sell before the tide can turn.
Only a few investors can be allowed to share this breakout strategy. High demand caused us to close it to the public last April. It has re-opened briefly, but will close again this Sunday, July 28.
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