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How Quickly We Forget
Less than a week ago the market had two nasty sell off sessions because of rising tensions with North Korea. We discussed how this was just an easy excuse for investors to take some profits off the table all the while many would be happy to buy the dip...and that is exactly what happened.
This event may have changed the shape of the market going forward. Instead of hitting 2500 followed by a healthy round of profit taking, we may have already witnessed the sell off. Now it is more likely that we see a breakout above 2500 instead.
No I am not saying an aggressive breakout. Those are few and far between at this stage of the aged bull market. I am saying more of a melt up market where stocks slowly go higher. More of a case of refusing to go down than stampeding higher.
It pays to stay bullish at this time. And it pays to load up your portfolio with Zacks #1 Ranked Strong Buy stocks.
Best,
Steve Reitmeister
Executive Vice President, Zacks Investment Research
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