Stocks ended the week higher and the Dow and S&P 500 turned positive for the month. The Nasdaq and Nasdaq 100 are still slightly lower for the month but are on track to turn higher. Remember, what I said last week, it would be perfectly normal to see the market open lower for the month and end higher. In fact, that is a very bullish sign and exactly how healthy markets behave. As 2017 winds down, the market remains exceptionally strong and weakness continues to get bought. Until we see any significant selling show up and last more than a few days, the market deserves the bullish benefit of the doubt.
Thur & Fri Action:
Stocks edged higher on Thursday after the House passed a bill to help avoid a government shutdown. Elsewhere, it was encouraging to see Lululemon ($LULU) gap up after the retailer reported earnings. For the past 18-24 months, retail stocks have been under pressure and now are slowly turning the corner. Wal-Mart ($WMT) gapped up a few weeks ago and hit a new record high after reporting earnings. Stocks rallied nicely on Friday after the government released a strong jobs report. Last month, U.S. employers added 228k new jobs, beating estimates for a gain of 190k.
Market Outlook: Bulls Are Strong
The bulls are back in control and the market remains very strong. As always, keep your losses small and never argue with the tape. Get Our Free e-Book: Learn How To Buy Leading Stocks…EARLY. Get It Here…