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After three straight closes below 2200, stocks came roaring back Monday. The seeming catalyst would be the populist uprising spreading to Italy after success with Brexit and Trump votes. The market responded in kind with shares moving higher around the globe.
However, there is a part of me that doubts this narrative espoused by so many others today. No offense to anyone of Italian descent, but consider this:
When was the last time Italy mattered to the world economy since the fall of the Roman Empire???
There is a more logical explanation for the worldwide rally on Monday...economic growth is accelerating. This was apparent in the ratcheting up of Global PMI Services and Manufacturing. And back here in the states the more widely followed ISM Services report leapt from 54.8 to 57.2.
This leg of the rally, which started a month ago, doesn't seem tired quite yet. So stay long and keep riding the bull higher.
Best,
Steve Reitmeister
Executive Vice President, Zacks Investment Research
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Coverage initiation on a stock by analyst(s) usually depicts increased investor inclination. Hence, it's a good strategy to bet on stocks that have seen increased analyst coverage over the last few weeks. Read More »
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After three straight closes below 2200, stocks came roaring back Monday. The seeming catalyst would be the populist uprising spreading to Italy after success with Brexit and Trump votes. The market responded in kind with shares moving higher around the globe. 
