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Good news was served up Thursday morning with a better than expected +3.2% showing for Q4 GDP. It proves that the 4% growth experienced in Q3 was not a fluke. Indeed we are accelerating above the Muddle Through pace of the past.
This adds to my firm conviction that there is absolutely no fundamental need for stocks to go lower right now. However, I do respect that a deeper correction is a plausible outcome after last year's massive gains. As such I think that 1800 is the key for what happens next.
Meaning that if we crack above 1800, then likely the correction is over. Until that time it's better to assume the market is still in correction mode which allows us to buy more great stocks at discounted prices.
Steve Reitmeister (aka Reity...pronounced "Righty")
Executive Vice President
Zacks Investment Research
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