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Stocks Finished Mixed, Market Trying To Put In A Bottom

Stocks closed mixed yesterday with only the Nasdaq posting a modest gain.

The world is still waiting for an official reaction from Washington regarding Saudi Arabia's involvement in the killing of journalist Mr. Jamal Khashoggi, and what the consequences might look like. But this has been a slow moving process. And with the President indicating he would consult with Congress on the appropriate response, it might be a while before we see what, if any, financial fallout results.

We also have the unease ahead of the midterm elections. But this should be short lived given it's only two more weeks away.

In the meantime, the market continues to try and put in a bottom. And we look very close to doing so, if we haven't done so already.

The market should also benefit from earnings season as it typically does.

And we have plenty of market moving economic reports out this week, starting with today's retail sales via the Redbook report, and the Richmond Fed Manufacturing Index.

The economy looks as impressive as ever.

And the market should soon be back to its winning ways.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research


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