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The markets ended lower on Friday, but closed higher for the week, for the second week in a row.
There was no new news out on Friday to weigh on prices.
I simply chalk it up to a little bit of profit taking, given the sharp rally over the last 2 ½ weeks after we bounced off of trendline support. (We also saw April options go off the board on Friday as well. That too likely added to the market's volatility.)
But the economy and the market look better than ever. And with the correction lows behind us, and a spectacular earnings season underway, I'm expecting the gains to continue.
As I mentioned before, once we clear 2,750 (we closed at 2,670 last week), I'm expecting the pace of this rally to pick up significantly. So keep an eye out for that level.
In the meantime, buy the dips, and buy the rallies. Because these bargain prices will soon be a thing of the past.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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The markets ended lower on Friday, but closed higher for the week, for the second week in a row.
