Stocks Soar To Start The Week

Plus 5 New Strong Buys for Today Stocks Soar To Start The Week [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Soar To Start The Week [Stocks Soar To Start The Week]Image: Bigstock The markets were primed for a bounce after last week's drubbing. And with stocks so oversold, there could be more upside in store. Inflation, and all of the worries that come with it, will continue to dominate trading. After last week's 75 basis point interest rate hike, traders at first cheered the news, as it showed the Fed was finally getting serious about inflation. But the next day, stocks tanked on worries that a too aggressive tightening schedule could slow down the economy too much and lead to a recession. And that's the quandary the market now finds itself in. While we need higher rates to tame inflation, it comes at the potential risk to the economy. We could very well see a soft landing. But the market, which has a tendency to trade at extremes, appeared to be pricing in the worst-case scenario, i.e., a recession (at least as of last week). Of course, if the worst-case does not come to pass, then stocks are grossly oversold, and could see a sharp rally higher. And yesterday's move up could very well be the beginning of that. Especially since the Fed is not expecting a recession, and is forecasting GDP to hit 1.7% this year, and 1.7% next year. We'll hear from Fed Chair, Jerome Powell, today as he provides his semiannual testimony on Monetary Policy to the Senate Committee on Banking, Housing and Urban Affairs. (On Thursday, he'll do the same to the House Committee on Financial Services.) It's very possible that Mr. Powell's comments could move the market. In the meantime, yesterday's rally was quite strong. And we will see if traders can build on that today. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [5 Stocks to Add to Your Portfolio Now]( Louis Navellier designed one of the most valuable stock-picking algorithms on the market. A system so precise that it helped him find Apple at $1.49, Microsoft at 38 cents and Cisco at 47 cents. Now that system has helped him rank all five stocks in his latest report - 5 Bulletproof Retirement Stocks – a buy. [Claim your free report by clicking here.]( Most Popular Articles from Zacks.com [5 Must-Buy Stocks to Gain From an Expected Bear Market Rally]( In order to tap that expected rally and gain in the near term, we have selected these five stocks with a favorable Zacks Rank. [Read More »]( [4 Stocks to Buy as Industrial Production Continues to Rise]( Production hasn't declined and output hasn't crumbled in the face of increasing price hike pressure. 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