Stocks Post Solid Rebound

Plus 5 New Strong Buys for Today ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

Stocks Post Solid Rebound

	Profit from the Pros By Kevin Matras Executive Vice President
	Stocks Post Solid Rebound Image: Bigstock Stocks closed up yesterday, erasing most of Monday's loss. The ongoing drama in Washington over the debt ceiling, stimulus bills, and taxes, gave way to bargain hunting and dip buying after recent pullbacks. Not that any of the aforementioned issues are going away anytime soon. Quite frankly, they should only intensify given the debt ceiling's October 18th deadline, and Congress' self-imposed October 31st deadline for the stimulus bills and the taxes to pay for it. In spite of the uncertainty surrounding it all, the economy continues its recovery. And full-year GDP is still on pace for the fastest growth rate in 37 years. That was underscored by yesterday's Redbook report which showed same store retail sales up 16.4% y/y, up from last month's snapshot of 16.3%. The PMI Composite report also came in better than expected at 55.0 vs. last month's 54.5 and views for the same. So did the Services Index which came in at 54.9, beating last month's 54.4 and the consensus for 54.4 as well. And the ISM Services Index also surpassed expectations with a print of 61.9 vs. last month's 61.7 and estimates for 60.0. Today we'll get MBA Mortgage Applications, and the ADP Employment Report. But the report everybody is really waiting for is Friday's official Employment Situation report. As I mentioned yesterday, after a miss in last month's report, but a positive surprise the month before, everybody is wondering what the jobs market will show this time, especially with the extended unemployment benefits having expired in early September. Since many have attributed this year's labor shortages, in part, on the extended unemployment benefits, it will be interesting to see if hiring picked up now that those are over. In the meantime, stocks appear to have found support. 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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