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After many false moves selling on taper rumors, traders finally got it right on Wednesday. They now understand that the QE taper is a sign of economic strength... not weakness. And that is good for stocks.
In no time the S&P went from down -0.7% to up +1.7%. Stocks ended the session at 1810 with 1813 still being the high on the year. I suspect we will probe above that level before the year ends perhaps towards 1830 or even 1850.
Unfortunately in January the debt limit circus will restart in DC. You can already hear the rhetoric and posturing on the rise. That will probably cause stocks to stall out or pullback for a while until it's cleared up.
Time out your moves if you like. However, over the past year it has proven wisest to just stay long the market until there is a stronger economic reason to head for the hills.
Speaking of wise moves, I have to give some praise to our team of portfolio managers at Zacks.com. They have been sharing their top recommendations with Zacks Confidential members all year long with spectacular results.
* 70% of the recommendations are winners leading to market topping performance.
* In fact, 71 are double-digit winners with ATK leading the pack at a +88.6% gain.
With results like these there is little wonder how Zacks Confidential has become our most popular portfolio service. Isn't it time to see for yourself?
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