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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Down As Stimulus Talk Heats Up
Stocks closed lower yesterday, but they kept a large portion of the gains they made just the day before.
Stimulus talks will take center stage this week and next as Congress races to pass something before March 14th, which is when federal extended unemployment benefits start expiring.
While it's almost certain that something will get done eventually, it was interesting to hear JP Morgan Chase CEO, Jamie Dimon, warning against overdoing it.
Last year, while Congress took more than 6 months to get the last bill passed, everybody?s biggest concern was not doing enough. But now, with roughly $1 trillion still unspent from previous packages, Congress is debating another $1.9 trillion more. If that goes thru, Mr. Dimon believes we could see "gangbuster" growth for the rest of this year and into next.
Of course, growth isn't the problem, it's the worry of things overheating and what happens afterwards. But he admits, "we just don't know yet."
To me though, the key takeaway is the "gangbuster" growth. And with growth like that, we could see both the economy and the market soar.
And current forecasts for full-year GDP to come in at the fastest pace in 38 years, may need to be sharply increased.
Either way, what we're seeing right now is history in the making. And historic times usually bring historic price moves.
And it looks like there's a lot more upside to go.
So make sure you're taking full advantage of it.
See you tomorrow,
Executive Vice President, Zacks Investment Research
America's #1 Stock Picker Luke Lango just released his #1 stock recommendation for 2021. Get its name (plus the name of six other stocks) for free in Luke's new report, "7 Hypergrowth Stocks for 2021."
Legalized marijuana, with almost unimaginable profit potential, has won a clean sweep of 6 election referendums. This trend covers all of Canada, down through 36 states plus D.C. New York and Mexico are poised to follow. Federal legislation is about to be proposed that could really open the U.S. floodgates, triggering the creation of new companies and causing many existing stocks to blast off.
Global sales are predicted to skyrocket from $19 billion in 2020 to an expected $73.6 billion by 2027.
Zacks recently closed a +147.0% marijuana trade, and is currently riding several triple-digit gains that should still have a long way to run. Plus, new stocks are being lined up that could rival or surpass these performances.
Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »
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