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Zacks #1 Stocks on the Move 05/23/2013

Company Name Symbol %Change
WESTELL TECH WSTL
6.67%
MAXWELL TECH MXWL
5.31%
A M R CP AAMRQ
4.51%
ALLIANCE FIB AFOP
3.26%
SYNAPTICS IN SYNA
2.99%
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PROFIT from the PROS

Tactics that Work in Good Markets and Bad
 
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Ready to Break Higher?

The situation in Europe continues to improve as Greece inches towards accepting the debt deal on the table. And Berlusconi plans on stepping down after Italy approves a more reasonable 2012 budget. Most people see this as a positive as Berlusconi has shown no real conviction in moving ahead with much needed austerity measures in Italy.

This news pushed stocks to close Tuesday just above the 200 day moving average at 1276 on the S&P. We will continue to breakout higher if the good news from Europe continues. Unfortunately we will stall out or retreat if the recent momentum fritters away.

Which will it be?

I was confident enough that things would improve to be 50% long the market the last couple weeks when many of my peers headed for the hills. However, I have a hard time getting any more bullish until there is more convincing evidence that the European debt situation is properly contained. If that does happen, then we will break to new highs as I submitted in my recent article: 5 Reasons Stocks Will Make New Highs IF...

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Best,

Steve Reitmeister
Executive VP, Zacks Investment Research

 

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Best,

Steve Reitmeister
Executive VP, Zacks Investment Research

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