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Stock market pullback provides a great buying opportunity.
May 01, 2017

Stock Market Pullback Provides Buying Opportunities

Do Not Despair That You Have Missed Out!

Last week saw the stock market continue its ascent, despite Friday's mild stock market pullback caused by a weaker-than-expected GDP number and fresh geopolitical tensions with North Korea, as well as a temporary funding measure to avoid a government shutdown. The Dow Jones Industrial Average (DJIA) gained 1.9% for the week, and 1.3% for the month; the S&P 500 Index (SPX) had weekly and monthly advances of 1.5% and 0.9%, respectively; and the Nasdaq Composite (COMP) added 2.3% on the week and month -- its sixth straight monthly gain.

Stocks continue to consolidate right under the all-time highs, due mainly to the recent optimism surrounding the stronger than expected earnings season. Another driving force seems to be momentum coming from DC on the tax front that should fuel future economic growth.

The pullback, due mainly to consumer spending is unlikely to last, though, and spending will rebound in the second quarter as household finances are in the best shape in years amid record stock market gains, a strong labor market and gradually rising wages – so the message here is to be prepared for these slight dips.

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Best of Trading,
Ian Harvey
Director of Stock Options Made Easy

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