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One could say that after 6 straight days in the plus column, stocks decided to rest on the 7th day. That is the optimistic view of Wednesday's activity.
Unfortunately it could also be said that the session bore a troubling resemblance to the painful showing for stocks earlier in April. I am referring to where the S&P barely moved at all while small cap, growth and tech names got SLAMMED!
This could be nothing more than a faint echo from the recent past that continues to fade away. Or perhaps it is a disturbing cycle of behavior that will keep haunting us into the future.
For now I choose to believe in the former path and staying focused on a shot above 1900 this spring. In fact, there are others thinking the same exact thing that this kind of pullback creates the perfect time to buy future momentum stocks. David Bartosiak outlines this timely approach in his latest investment ideas piece:
Today, a brand-new Zacks' formula is applying a Best of Both Worlds approach to stock trading. It combines the proven fundamental power of the Zacks Rank with the "exactly when" timing of technical analysis.
There are 5 momentum stocks with extreme gain potential on our radar, but time is short to get aboard. Too many early investors could spoil the fun. Your opportunity ends Sunday, April 27.
Before you make a trade, get today's market news from Zacks' latest Ahead of Wall Street article. With timely information from Zacks analysts, each daily article features a preview of where the market is headed. Plus, Bull and Bear stocks of the day, Zacks #1s on the move, stock research reports, earnings and economic news, and a top-headline analyst blog. All of it in one easy-to-follow place to give you the edge.
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