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Shaking in My Boots. Not!

The Government Shutdown continued Thursday with neither side showing signs of budging. This is now becoming a longer ordeal than most investors anticipated and thus stocks took a big step back.

Not helping matters was an ISM Services report below expectations at 54.4. Yes, this is lower than the rock star 58.6 showing from last month. But in absolute terms, this is still a solid reading...especially true with the forward looking New Orders component still close to 60.

No one can argue the positives found in this week's Jobless Claims report coming in at 308K with the 4 week moving average down to a pleasantly low 305K. Yes, it was surprising to not see the benefits of these positive job trends in the monthly ADP Employment report. Probably will appear in coming months.

If I have not made my point clear enough by now, then let me try it again. The bull market is not over. Just unfortunate that our political class continues to cloud the issue with their ill-timed antics. So best to buy the dips when the opportunity avails itself like now.

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Executive Vice President

Zacks Investment Research

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