Wednesday was jam packed with important news releases. First we get an ADP Jobs Report that was better than expected. That bodes well for the more important October Employment Situation report which comes out on Friday. Then we got a very promising ISM Non-Manufacturing report which shows that the largest parts of our economy are starting to pick up. Finally we got the all important QE2 playbook from the Fed. Over the next year they will buy about $900 billion in long term Treasuries to help perk up inflation and the economy as a whole. From there stocks raged higher, then lower, then finally turned about again to close up at the highest level since September 19, 2008. (yes, 2008). As I have relayed recently, I think we are set to break through the recent highs and create new highs by year’s end. I’m not saying it will be a smooth ride. But in the end, a good ride indeed.
Now let me introduce you to “DMonnie” from our investment community at www.PeopleAndPicks.com. He’s a strong believer in watching the charts for momentum plays. That approach has led to stellar gains that placed him in the Top 1% of all the stock pickers we track. Most recently he has bagged a +100.4% gain on Global Ship Lease {GSL} in just over a month! See more of his picks at http://www.peopleandpicks.com/profile/dmonnie/.
Best,
Steve Reitmeister
Executive VP, Zacks Investment Research
Zacks Investment Research
