Remember, the latest episode of the Zacks Ultimate Strategy Session will be available for viewing this Wednesday, June 7th. Steve Reitmeister, Kevin Matras, Sheraz Mian, Tracey Ryniec and Eric Dutram will cover the investment landscape from most every angle in this "must-see-TV" event.
Don't miss your chance to hear:
• Tracey and Eric Agree to Disagree on Moody's credit downgrade on China
• Steve's answers to your questions in Reity's Mailbag
• Tips for improving your portfolio
• And much more
So be sure to mark your calendar then log on to Zacks.com and bookmark this page.
A lot of investors were probably looking at their calendars on Monday and wondering if it was another market holiday. After rallying in the final two sessions last week to give the major indices their second straight week of gains, stocks couldn't get it together today.
Despite a solid ISM Services report, the market had no momentum on Monday. The S&P was down 0.12% to 2436.1, the Dow was off 0.10% to 21,184 and the NASDAQ slipped 0.16% to 6295.7. Nevertheless, the indices are still one moderately-good day away from putting together another round of all-time highs.
“With 2,400 in the S&P now behind us, the next target is 2,480 (let's round it up to 2,500 since the market likes its round numbers). I think that should come relatively quickly,” said Kevin in today’s Options Trader.
Stocks weren’t alone in taking a breather today, so too did the editors. Activity in the portfolios really picked up along with the market last week, but it didn’t carry over to today. The only moves came from the weekly realignment for Black Box Trader. However, the highlights section below offers some analysis from the portfolios and this week’s Zacks Confidential.
Today's Portfolio Highlights:
Black Box Trader: Only one swap in this week's adjustment. The portfolio got out of Humana (NYSE:HUM) with a 1.9% profit, and then replaced the name by buying The Chemours Co. (CC). Read the Black Box Trader's Guide to learn more about this computer-driven service designed to take the emotion out of investing.
Zacks Confidential: EVERYONE knows that tech is one of the hottest spaces in the market right now. But there’s another industry that may be even hotter…and practically NOBODY is paying attention. In this week’s Zacks Confidential, Steve hands the keys over to Tracey Ryniec, who explains why the housing market provides one of the best buying opportunities out there. The space has recovered from the collapse nearly 10 years ago, so read her detailed article and get three recommendations by clicking: What’s Hotter Than Tech? The Housing Market.
Reitmeister Trading Alert: "Stocks closed above 2400 for the 7th straight session. That leaves very little doubt that a breakout is under way with likely more gains ahead.
"On Monday, the indices stalled out for the session. This is more about taking a breather than anything that is truly negative. In fact, the economic positives continued to roll in as ISM Services put up its 3rd best reading since the start of 2016.
"This is another in a string of strong economic reports which explains why GDP is looking like +3% in Q2…and explains why stocks should be heading higher in the days ahead." -- Steve Reitmeister
Momentum Trader: "Stocks couldn’t keep last week’s momentum going on Monday. This week is setting up to be a bit of a snoozer with the FOMC next week. Until then it’s likely to be “Thin to win” for equity markets.
"The market peaked around lunch time then faded off into the end of the session. The selling wasn’t anything extraordinary but rather a slow trickle south.
"In terms of earnings and economic data it should be a slow week. Next week is the main event. That’s when we’ll get the Fed’s decision on interest rates. Odds are they go ahead and hike for the second time this year. Until then, I expect more slow accumulation across the major market averages." -- Dave Bartosiak
All the Best,
Jim Giaquinto
Recommendations from Zacks' Private Portfolios:
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