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Zacks #1 Stocks on the Move 06/18/2013

Company Name Symbol %Change
STAAR SURGIC STAA
10.98%
LUMOS NETWOR LMOS
5.70%
INSTEEL IND IIIN
5.28%
ERICKSON AIR EAC
5.10%
ASSURED GUAR AGO
4.98%
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Tactics that Work in Good Markets and Bad
 
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Same Old, Same Old

Tuesday's action was just a microcosm of last week. Any bad headlines out of Europe begat a stock sell off and that begat investors buying on dips and that begat relatively breakeven finishes. This continual buying on dips tells me that there is still upside bias to the market.

So what caused the initial sell off on Tuesday? The European Finance Chiefs cancelled their Wednesday meeting to discuss the Greek bailout deal thus raising the specter that the deal may not go through. I suspect that is hogwash. They are just doing a diplomatic dance of two steps forward and one step back. Yet, I see no reason why it won't come to fruition.

In the States we got a mixed Retail Sales report given a weak showing for the autos. Since that is known as a volatile group, investors often look at the results "less autos" and there we see retail sales topping expectations at +0.7%.

Looking forward I still see more upside for stocks. But on day to day basis we will be swayed by European headlines and US economic reports.

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Steve Reitmeister
Executive VP, Zacks Investment Research

 

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