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Summer is over in my hometown of Chicago as the temperature has dropped 30 degrees in the past week. And in the financial world, Larry Summers is over as the likely Fed Chair leading to a worldwide market rally (that has to be a blow to one's ego). So the search for the next Fed Chair continues with Yellen leading the pack and other usual suspects trailing behind.
Beyond that, investors were treated to another solid round of manufacturing data today from the Industrial Production report and Empire State Mfg Survey. This buoyed the market early. Yet as the day progressed the surge up to 1705 faltered ending the session at 1697. Even worse, small caps barely participated in the day's gains and technology stocks were actually deep in the red.
Likely investors don't want to celebrate too much until they see what the Fed has on tap at their Wednesday meeting. And likely the start of the QE taper should be on the agenda. I expect little reaction to that event given all the forewarning and market movement that has already taken place. Yet Red Bull laced day traders often surprise me with their faulty split-second reactions to economic events.
Stocks should be ready to leap over 1700 and onto new highs soon enough. Best to align your portfolio for that outcome before it's too late.
In Hilary Kramer's new report, "10 Red-Hot Stocks For Double-Digit Gains", she details that even with the challenges facing the U.S. economy right now, she is 100% positive that there is still BIG MONEY to be made in the stock market today IF you invest in the right stocks.
The companies named in this report are the same type of innovative growth stocks that have handed us huge double-digit gains month after month for the last two years--no matter what the market was doing!
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