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After Three Weeks Of Gains, Stocks Will Try And Make It Four This Week
Stocks ended narrowly mixed yesterday, but finished near their lows of the day after giving back intraday gains.
The markets were higher for most the day after Wednesday's rate cut, and growing optimism for something positive to happen at the upcoming U.S.-China trade talks. But after 3 up weeks in a row, the market appeared to take a bit of a breather.
However, it wouldn't take much of a move today for the markets to notch their 4th weekly gain in a row.
In other news, Existing Home Sales yesterday jumped to 5.490 million units (annualized) vs. last month's 5.420M, and views for 5.380M.
Weekly Jobless Claims came in better than expected at 208K vs. expectations for 215K.
And the Philadelphia Fed Business Outlook Survey also performed better than expected with a reading of 12.0 vs. the consensus for 11.0.
There's nothing much in the way of economic reports coming out today.
But the markets will go thru Quadruple Witching. That's when stock index futures, stock index options, stock options, and single stock futures all expire simultaneously. So we could see some extra volatility. FYI.
Looking out to next week and beyond, the economy and the market are in great shape. GDP is strong, unemployment is near record lows, consumer confidence is near record highs, corporate earnings continue to impress, interest rates are low, and household income is at the highest level in 20 years.
As for the markets, they are sitting just under their all-time highs, and poised for an upside breakout.
With two big catalysts in the next few weeks -- the U.S.-China trade talks, and Q3 earnings season -- an upside breakout could be just around the corner.
But there's no reason why we couldn't see one even sooner.
As I've said before, these are historic times for the economy, and for the market.
So make sure you're taking full advantage of it.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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