Stocks Up Yesterday, Busy Economic Calendar For Rest Of The Week

Plus 5 Just-Added Strong Buys  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

Stocks Up Yesterday, Busy Economic Calendar For Rest Of The Week

	Profit from the Pros By Kevin Matras Executive Vice President
	Stocks Up Yesterday, Busy Economic Calendar For Rest Of The Week Image: Bigstock Stocks closed modestly higher yesterday in the last full trading week of the year. (Next week has only four trading days as the markets will be closed on Monday, 12/26.) The market is still digesting last week's FOMC announcement. (Not the size of the last rate hike, but what the ultimate terminal rate will be, and its impact on inflation and next year's GDP. The Fed's downwardly revised 2023 growth forecast (0.5% from 1.2%), was the most surprising part of last week's announcement, in my opinion.) Personally, I'm expecting a strong Q1 and Q2 with positive growth numbers. It should be relatively easy to best last year's first half given its -1.6% and -0.6% print in the first two respective quarters. At the very least, the base effects should be favorable. But that's what the market is wrestling with at the moment. In other news, yesterday's Housing Starts and Permits report showed Starts at 1.427 million units (annualized). That's down from last month's upwardly revised 1.434M, but above the consensus for 1.400M. Permits came in at 1.342M vs. last month's downwardly revised 1.512M and views for 1.495M. The economic calendar starts getting busier today with MBA Mortgage Applications, Existing Home Sales, and Consumer Confidence. Tomorrow is even more crowded with the final estimate for Q3 GDP, Weekly Jobless Claims, the Chicago Fed National Activity Index, Corporate Profits, and Leading Indicators. In the meantime, traders will be looking to see if they can spark a rally with just 7 more trading days left in the year. December is typically a good month for stocks. But so far, all of the indexes are down for the month with less than 1½ weeks to go. The seasonals are on the markets side. But that's no guarantee. So if December is going to end in the green, the market better start making its move soon before time runs out. Yesterday was a start. We'll see if the market can build on that today. See you tomorrow, Kevin Matras Executive Vice President, Zacks Investment Research
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