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Thursday provided a pleasant surprise for investors thus quickly erasing the losses from Wednesday. This came in the form of a very strong PMI Mfg Index report at 56.7... much better than the 53.5 expected.
The reason this is so important is that the competing ISM Mfg Index on Feb 3rd took a sudden turn for the worse. This culminated in the S&P tumbling to a low at 1739. Likely the strength found in this fresh PMI report will show up in the March reading for the more broadly followed ISM announcement.
For now we continue the consolidation dance under 1850 awaiting the next catalyst to burst higher. My guess is that the LACK of negative news will prove to be all it takes for stocks to make new highs. That is a stealthier signal to pinpoint. So it's best to just be properly long stocks for whenever the breakout finally unfolds.
Unlike its megacorporate counterparts, this financial firm doesn't reward the select few. It pays out 90% of its profits to shareholders in the form of dividends. Every investor, whether they invest $500 or $50,000, gets their fair share of the profits. Just imagine if JP Morgan Chase paid out the bulk of their profits like this... instead of the measly $0.38 quarterly dividend it pays out now, it would pay investors over $1.66 a quarter -- a 400% increase in dividends! This is the exactly kind of huge payouts you can expect to receive investing in this big bank alternative. To get this company's name and ticker symbol, grab our free report for all the details. Click here for instant access to this FREE report
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