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Why Hit New Highs on Tuesday?
Sometimes when there is no good reason for stocks to go down, then they just go up instead. That certainly was the case on Tuesday as there was no fresh news to act as a catalyst for the +1% gain.
The rest of the week does have a smattering of important economic reports which could further bolster the markets advance. Or if truly negative, then finally initiate a correction.
Wednesday: Empire State Mfg, Industrial Production
Thursday: Jobless Claims, Housing Starts, Philly Fed
Friday: Consumer Sentiment
Until proven otherwise the smart money is betting on higher share prices. You should too.
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Best,
Steve Reitmeister
Executive VP - Zacks.com
Zacks Investment Research
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Bull & Bear of the Day
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Zacks Rank #1 Strong Buy
IAC (IACI)
With strong earnings momentum and very reasonable valuation, this stock could be a great match for your portfolio. |
Zacks Rank #5 Strong Sell
Rackspace Hosting (RAX)
With declining earnings estimates and premium valuation, are more dark clouds ahead for this cloud computing company?
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