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The markets closed mostly higher yesterday as stocks extended their gains this week.
Stocks typically go up during earnings season. And this earnings season is off to a strong start.
In other news, yesterday's MBA Mortgage Applications rose 4.9%, with the purchase index up 6.0%, and refi's up 4.0%. Analysts noted the sharp increase in mortgage activity could point to a 'resumption of strong demand in the housing market'.
And the Beige Book report showed all 12 reporting districts saw 'modest to moderate' growth. Inflation was also described as moderate as well. As you know, I'm expecting big things this earnings season. Far more than the typical 2% gain we typically see. And with the correction lows behind us, we should soon see stocks back at their all-time highs from January. That's not such a Herculean feat given that we are only about 5.5% away from that mark.
But given the pent-up demand amid surging corporate profits, we should see gains far greater than that for individual stocks, if you know where to look.
As I've said before, this earnings season is expected to be a juggernaut. But that doesn't mean that all stocks will go up. There will be plenty of big double-digit winners. But there will also be a fair share of losers as well. So be sure you know how to spot the stocks most likely to go up BEFORE they take off. And how to avoid those stocks most likely to go down. Our Zacks Earnings ESP (Expected Surprise Prediction) does just that. And you can learn how to use it by reading our latest commentary...
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The markets closed mostly higher yesterday as stocks extended their gains this week.
