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Stocks closed lower again yesterday, in what looks to be another down week.
While we have one more day left before the week is over, trading will likely be dominated by position squaring ahead of the three-day long Memorial Day weekend.
The markets remain focused on U.S.-China trade concerns. The stalled trade talks have taken stocks off of their highs. But any word that negotiations are back on, or even hearing that President Trump and President Xi will meet at next month's G20 summit could send stocks back to their old highs.
In the meantime, the economy looks great.
This was underscored by yesterday's better than expected Weekly Jobless Claims, which came in at 211K vs. views for 215K.
As the market awaits news on trade developments, the indexes could remain under a bit of pressure. Nothing too severe, given the strength of our economy. But a little more backfilling is not out of the question.
But as I mentioned yesterday, while the major indexes might be looking for direction, there are plenty of stocks breaking out to new all-time highs.
And for those stocks on your watchlist that might be pulling back a little, get prepared to buy on the dip, as this could be a great opportunity to get in before the next big advance.
Markets go up and down. And there's always something to fret about.
But the record economy, record employment, and record bull market is history in the making. And it looks like there's a lot more upside to go.
So make sure you're taking full advantage of it.
Have a Happy Memorial Day weekend.
See you next week,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks closed lower again yesterday, in what looks to be another down week.
