Stocks Down As Traders Weigh Inflation, Interest Rates, And Economic Growth

Plus 5 Just-Added Strong Buys Stocks Down As Traders Weigh Inflation, Interest Rates, And Economic Growth [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Down As Traders Weigh Inflation, Interest Rates, And Economic Growth [Stocks Down As Traders Weigh Inflation, Interest Rates, And Economic Growth]Image: Shutterstock Stocks closed lower yesterday on continued weakness following last week's FOMC announcement and weaker than expected retail sales. From a technical perspective, yesterday's pullback actually prettied up the charts as the S&P finally filled in a gap from 11/10 when stocks gapped open higher. Same for the Nasdaq. As the saying goes, 'gaps get filled.' (Not all, but most.) That being said, there's gaps above the market. For the S&P, the most recent one comes in at 3,965.65 from 12/14. That's 3.88% above yesterday's close. For the Nasdaq, it's 11,065.24, also from 11/14. That's 4.92% above yesterday's close. And for the small-cap Russell 2000, there's 2 immediate ones: 1,770.56 from 12/15 (1.84% above yesterday's close); and 1,812.30 from 12/14 (4.24% above yesterday's close). That could happen right away. Or it could take some time. But odds are good that those gaps will be gotten. And with the seasonality on the market's side (Q4 is typically the best quarter for stocks, and December is typically the best month), that's a positive. In other news, yesterday's Housing Market Index slipped to 31 vs. last month's 33 and views for 34. Today we'll get the Housing Starts and Permits report. This week is the last full trading week of the year. Next week, the markets are closed on Monday, December 26, in observance of Christmas. And then the following week, the markets will be closed on Monday, January 2, in observance of New Year's. Lots of economic reports on deck for the rest of the week. And we'll see if we get our 'Santa Claus' and end-of-year rally as expected. 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