July 20, 2018

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Hotline Revise for November 6, 2017
November 06, 2017

USIR Weekly Update Hotline

USIR Weekly Update Hotline

For Monday, November 6, 2017

The Rally That Wont Quit

Im sure glad we didnt sour on Apple. Sellers dumped AAPL from 164 to 150 in September, and from 160 to 155 in October. But just as we posted our Oct. 31 hotline, it suddenly shot to 169 on super quarterly earnings and good news about the launch of its iPhone X. Today it closed today above 174. Not a bad ride from 55 four years ago!

Indeed, the whole market rallies on to new highs, more puzzlingly. One can view this as eight-year rally from its March 2009 financial crisis bottom. But surely its 2017 gains have little to do with a president who never before governed anything and whose approval ratings are rock-bottom. Investors normally hate uncertainty. So why, amid the turmoil Trump has created, wont this rally quit? Beats me. Maybe its time to retire my crystal ball.

This I do know: What sparks sustainable rallies are plain old-fashioned investment fundamentals, such as corporate earnings, economic growth, investor confidence. Today, we do have mostly rising earnings. And weve long had accelerating economic growth, well before the 2016 election. Thats evidently prompted investors to keep pushing stocks to new highs.

Long experience taught me not to argue with mob psychology. Best just hold a handful or two of super strong growth stocks and enjoy the ride, including Apple and the other Best Strong Buys featured in todays scaled back USIR.

And with, as we always add, firm stops in place, a familiar proviso that might well be a fitting epitaph for USIR.

Stephen W. Quickel, Editor


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