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The markets traded on both sides of unchanged yesterday before finally pulling back by the close.
After putting in one of the best weeks in years last week, stocks stumbled in their first day back after a 3-day long weekend.
But don't read anything into it.
As mentioned before, after the market's long awaited correction a couple of weeks ago, many believe the lows of this pullback have already been seen. The sharp rebound we saw last week was quite impressive. But that does not mean we're totally out of the woods. We are likely to see a period of increased volatility for a few more weeks or even a month or so. That means both up and down.
But I'm expecting any pullback will result in higher lows as the market carves out a new base from which to move higher from. And ultimately, when this base has completed itself, I'm expecting brand new highs as the market puts in another year of 15-20% gains again.
Remember, these are historic times, as the US is on the cusp of transformational growth due to the historic tax cuts, which are expected to usher in years of new prosperity.
I'm treating any pullback as a stock buying opportunity. And you should consider that too.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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The markets traded on both sides of unchanged yesterday before finally pulling back by the close.
