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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Soar As Senate Looks To Pass $2 Trillion Relief Package
Image: Bigstock
Stocks soared yesterday on optimism that the Senate will finally pass their 'Phase 3' coronavirus relief bill, which has now ballooned to nearly $2 trillion.
As I said yesterday, stocks clearly wanted to rally on Monday, but were disappointed that Congress couldn't get its act together.
But now it looks like they have and stocks responded.
We haven't gotten two up days in row since this pullback began. But if we can close higher today, that will be a first. And it may lead to more gains to come.
And it's about time. Stocks have been grossly oversold. And it's nice to see some buying coming in at these discounted prices.
But let me just say that a new bull market won't begin until the major indexes can close up by 20% from their lowest close.
For the Dow, that means it needs to close at or above 22,310.32.
For the S&P, it's 2,684.88.
And for the Nasdaq it's 8,232.80.
That doesn't mean there can't be spectacular rallies in the interim. Because there will be plenty of those. We're seeing that now.
But a bull market, that officially begins its trek back up to its old highs, won't officially begin until we get above those aforementioned levels.
In the meantime, there's lots of money to be made during these rallies. So make sure you're taking full advantage of them.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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