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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Pulled Back Yesterday After Soaring More Than 5% In The Previous 5 Trading Days
Stocks pulled back yesterday with the S&P and Nasdaq falling for the first time in 6 days, but not before the Nasdaq made another new intraday high.
It's been a pretty heady 5-day run going into yesterday with the Dow up 5.1%, the S&P up 5.7% and the Nasdaq up 6.9%. So a little bit of a pullback is to be expected.
While the market has been on a tear for the last handful of days, it's really been on a tear for the last 3+ months.
Back in late March, the market correctly anticipated that the worst of the pandemic would soon be behind us -- both health-wise and economic-wise. And it's been making an historic comeback ever since.
The last couple of months of economic reports have confirmed that to be the case. That includes last week's better than expected Employment report where it showed we gained another 4.8 million jobs vs. expectations for 'just' 3.0 million. (All in all, in just the last two months, the economy has gained back 7.5 million jobs.)
And even though new coronavirus cases have been on the rise in the last few weeks, the market's gains suggest that traders view this as transitory and that it will not significantly impact the long-term reopening of the economy.
Of course, if the spread continues, or worsens, or if the mortality rate starts to increase, that will be bad news health-wise and for the economy, because that would suggest greater measures might need to be taken to get it under control.
But for now, the economy continues to reopen, bumps and all, and we're seeing great pent-up economic demand being unleashed virtually everywhere.
That's why stocks have been soaring.
That's why top analysts are expecting unprecedented economic growth for the remainder of the year.
And that's why it looks like stocks have a lot more upside to go.
See you tomorrow,
Executive Vice President, Zacks Investment Research
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The good news is that Zacks has mounted a Counterstrike to catch the best of these "manipulated price drops" as they rebound. For example, we recently closed gains of +70.2%, +35.7%, and even one for +10.0% in just 1 day.
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