The journey to 2000 continues with another modest gain on Thursday. And this is the 4th day of gains in the last 5 sessions.
Helping the bullish cause were two solid economic reports. First up was Jobless Claims at a surprisingly low 284K and now the four week moving average is down to only 302K. This bodes well for upcoming employment reports.
Next we got another impressive showing the PMI Manufacturing Index. This came in at 56.3. As you know, anything above 50 means we are in expansionary territory. And a reading above 55 is considered very healthy.
When you put this together with an earnings season sporting a B on the report card, you can firmly understand why shares continue to trek higher. In fact, I bet that today stocks will take their first shot at 2000.
Let’s see if this prognostication allows me to keep the title of Reitmeister. Or will I have to be relabeled as Wrongmeister?
Best,
Steve Reitmeister ( aka Reity…pronounced “Righty” )
Executive Vice President
Zacks Investment Research
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