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On Tuesday investors had light fare to chew on with Redbook (retail sales), Consumer Confidence and Home Price Index reports. Each was solid, but not fortifying enough to break out of the recent trading range.
Wednesday provides a more substantial diet of economic reports including ADP Employment, Q2 GDP, and FOMC Meeting Announcement. This gets followed up Thursday with a serving of Jobless Claims, ISM Mfg, PMI Mfg, and Construction Spending. Then for dessert on Friday we get Government Employment, Personal Income & Outlays, and Factory Orders.
The quality of these reports will give us a green light to finally break above 1700. Or it may scare investors into a steeper correction before the 4 ˝ year bull rally continues.
I like the odds of a breakout occurring as I moved back towards 100% invested by adding three new top ranked stocks to my portfolio Tuesday. Yet I still have some cash on hand in case I can snag some quality shares on any temporary pullback.
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