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1700 Plus, Here We Come!

Stocks continued their march towards 1700. The path was made easier with a strong Jobless Claims report. Even more impressive was the Philly Fed Survey with a shockingly good +19.8 versus +9.0 expected.

The importance of the latter announcement is that it echoes strength found in other regional manufacturing reports like Empire State on Monday. If the manufacturing sector springs back from recent malaise, then it bodes well for future GDP readings... and corporate earnings... and the stock market.

There are no expected economic events Friday. Likely stocks will ride this recent momentum up to test 1700. This builds up the suspense for a potential break out next week. My guess is that a consolidation period will ensue as we trade around 1700 for a week or two then move up into the mid-1700's.

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Zacks Investment Research

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