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Stocks pulled back yesterday with all of the major indexes down about -1.5%.
There was nothing in particular that happened yesterday that spooked the market. This was simply the typical price action you see when the market is trying to put in a bottom.
Unanswered questions regarding Saudi Arabia's involvement in the murder of journalist, Mr. Khashoggi, and what the U.S. response might be (President Trump is on the record warning of 'severe' consequences), didn't help matters.
Nor did lingering trade tensions with China.
I would just chalk up yesterday's pull back to typical bottoming price action.
So do not get sidetracked, and do not take your eye off the ball which is earnings season.
As I've said before, over the last 9½ years since this bull market began, stocks typically go up during earnings season. And if the previous earnings season was up (which it was), there's a 73% chance the next earnings season will be up too. And that earnings season is now.
In fact, there's 1,024 companies on deck to report earnings next week, 1,173 more the week after, and another 1,410 the week after that.
And with a soaring economy, record employment, and surging corporate profits, it's a good time to be a bull. Especially at these discount prices.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks pulled back yesterday with all of the major indexes down about -1.5%.
