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The markets finished lower yesterday, but remain mostly higher for the week.
News outlets are blaming the pullback on increased uncertainty over whether talks with North Korea will actually take place next month.
But that assumes there was a de-nuke premium built into the market – which there wasn't. I shoot down this narrative because there's likely to be more uncertainty over these talks as time goes by. And one should not think that any additional uncertainty is somehow bad for stocks. You would be doing yourself a disservice if you did. Again, there was no premium built into the market for the talks to happen, so there's no premium to unwind if the talks don't happen.
Of course, I hope they do take place. And a peaceful denuclearization agreement is achieved. It would be a wonderful thing for the world. But the market is not moving up or down on any of that at the moment.
Very simply, the market moved down yesterday after trading up for most of the last couple of weeks. Markets go up and down. Chalk it up to profit taking. Chalk it up to random noise. Chalk it up to nothing. Either way, I don't see anything of any meaning weighing on stocks right now.
To the contrary, I see an underlying bullishness that's ready to send stocks to brand new highs.
Stay focused. And be sure to pay attention to market moving news that matters.
And right now, the markets look great.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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The markets finished lower yesterday, but remain mostly higher for the week.
