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Impressive Day As Stocks Bounce Off Support
The markets ended narrowly mixed yesterday. But it was an impressive day. After being down sharply in the morning, all of the major indexes turned around shortly thereafter, with some finishing in the plus column by day's end.
Once again, trendline support along with the 200-day moving average helped underpin the S&P yet again, and gave traders the confidence to step in and bid stocks up.
The continuation of this robust earnings season amidst the backdrop of a strengthening economy is a powerful attraction, and keeps buyers coming back as these bargain prices are not going to last.
Remember, buy the dips. That was on full display once again today.
I know the market has been frustrating at times this year. But literally thousands of stocks are beating the market and posting impressive returns. So beating the market should not be that hard. Unfortunately, too many people are underperforming. But it doesn't have to be that way. You just need to know how to pick the right stocks and what signals to look for. If you're interested, I encourage you to read my latest commentary that goes over this very topic...
Are You Beating the Market This Year?
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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