Stocks Look To Make It 4 Up Weeks In A Row As Black Friday Shopping Begins

Market Moves You Need to See Stocks Look To Make It 4 Up Weeks In A Row As Black Friday Shopping Begins [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Look To Make It 4 Up Weeks In A Row As Black Friday Shopping Begins [Stocks Look To Make It 4 Up Weeks In A Row As Black Friday Shopping Begins]Image: Bigstock Stocks closed higher on Wednesday, extending their weekly gains. With one more trading day to go (although, it will be a half-day as the markets close early today for Black Friday), the major indexes are on pace to make it 4 up weeks in a row. It was a busy day of economic reports on Wednesday. MBA Mortgage Application were up 3.0% w/w with purchases up 3.9% and refi's up 1.6%. Weekly Jobless Claims fell -24,000 to 209K vs. the consensus for 225K. The 4-week moving average, however, came in at 220K. Durable Goods Orders were down -5.4% m/m vs. last month's downwardly revised 4.0% and views for -3.2%. Ex-transportation it was flat at 0.0% vs. last month's 0.2% and estimates for 0.1%. And core capital goods came in at -0.1% vs. last month's -0.2% and expectations for 0.2%. And Consumer Sentiment improved to 61.3 vs. last month's 60.4 and the consensus for 60.5. The uptick was nice to see given that consumer spending accounts for roughly 70% of GDP. And a positive consumer is more likely to spend, which is a positive for the economy. Today we'll get the PMI Composite report. And we'll hear from OPEC at their monthly meeting to see if they make any changes in their production levels. Next week, on 11/30, all eyes will be on the Personal Consumption Expenditures (PCE) index (which is the Fed's preferred inflation gauge). That will be the last look at inflation before the next FOMC meeting on 12/13. If it's anything like last week's better than expected CPI and PPI reports, it should further solidify that the Fed might very well be done with their historic rate hike cycle. Stocks have been on a tear this month. And while the long-awaited Q4 rally took it's time getting started. It has wasted no time in powering higher since then. We still have 5 more weeks left in the year. And the major indexes are within striking distance of making new YTD highs. It's been a spectacular year so far. And it's being capped off by a spectacular end-of-year rally. So make sure you're taking full advantage of it. Best, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [Stocks Under $10 to Buy Today]( Zacks is now revealing its most compelling picks priced under $10 per share (but perhaps not for long). These high-quality companies have prospects for gains of up to 2X and more. Recently, our recommendations have closed returns of +76.0%, +100.6% and even +221.2%. These stocks offer the best of both worlds: immediate growth potential AND the strong likelihood of long-term profitability. 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