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Day Three Of Gains After Testing Support Last Week

The markets added to their rebound-gains with all of the major indices closing up for the third day in a row.

As you know, I believe we just might have seen the lows of this correction last Friday, after successfully testing trendline support (not to mention the 200-day moving average), and then rocketing higher.

Since then we've strung together three days in a row of higher prices. And I think we have plenty more to go.

In other news, yesterday's Redbook numbers showed y/y retail sales came in at a healthy 2.8% pace. That was down a bit from the previous month's 3.0% pace. But was a fine showing nevertheless.

And the NFIB Small Business Optimism Index came in at 106.9, up 1.9% from the previous month's 104.9, and 1.3% above the consensus for 105.5. Analysts noted that the component gauging small business owners outlook for expanding their business registered at the 'highest level for this component in the history of the NFIB survey'.

That's a pretty solid testament to the optimism in the economy right now. And, of course, for small businesses.

It also fits in well with my view that small-cap companies will be the leader in the market's next leg up.

Make sure you're taking advantage of this rebound. And get ready for the next move to new highs. There's bound to be more ups and downs before that happens. But get your watchlist in order and make every day count in this historic bull market.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research


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