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Profit from the Pros

Stocks Remain Within Striking Distance Of All-Time Highs

Stocks closed narrowly mixed yesterday. But the major indexes remain just a few percent away from their all-time highs.

It was a relatively slow news day yesterday.

But the market already got a flurry of excitement with last Friday's Employment Situation report. While it wasn't a blowout number, it was another fine showing that underscored the strength of the economy and the historic jobs market.

The month is set to heat up again when the Fed meets next week on the 17th and 18th regarding interest rates. Odds are still at greater than 95% that we'll get a rate cut. And that's bullish for the economy and the market.

Trade optimism continues as well. Lower-level talks will take place this month in preparation for high-level face to face talks in early October. And while few are expecting a full-blown trade deal in October, there's plenty of hope that a lessening of tensions or a 'trade truce' can be achieved.

Of course, the Fed meeting is a week and a half away, and the U.S.-China trade talks are a month away. So don't be surprised if we see a little more volatility in the meantime.

And if we do, I'd be a buyer on the dips.

But I would be equally unsurprised if we instead break out to new highs while we wait. And if so, I'd be a buyer on strength as well.

Because with a strong economy, near record low unemployment, near record high consumer confidence, and historically low interest rates (and likely going even lower), it looks like there's a lot more upside to go.

So make sure you're taking full advantage of it.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research


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