Listen to my Special Market Podcast for an update on the latest market gyrations.
Dear Sheryl,
The S&P 500 and Dow both opened lower this morning, and are down about 1%. This recent bout of volatility was ignited when Treasury Secretary Steven Mnuchin revealed that he will not attend the investors summit in Saudi Arabia. Folks, this has nothing to do with the stock market or our stocks! What’s really happening is that the stock market is looking to retest its Thursday, October 11 low, and it’s using this headline as an excuse to pullback. If you recall, last Thursday, there was a lot of selling pressure in the final hour of trading. ETF investors were running for the exits, and that exaggerated the market gyrations. To discuss the latest market action and the role that ETFs are playing in the recent volatility, I recorded another Special Market Podcast. You can listen to today’s Special Market Podcast here. The good news is that fundamentally superior stocks are not going to retest last Thursday's lows. So I don't want you to worry too much. We're in the midst of the third-quarter earnings season, and we've already seen a few stocks top estimates and climb higher. Be sure to check out the Earnings Center for the latest from our Buy List stocks. Overall, I think the stock market will firm up after the mid-term elections and the closer we get to the Thanksgiving holiday. For now, I recommend that you sit tight and enjoy the third-quarter earnings season. I fully expect wave-after-wave of positive earnings to propel our stocks higher. Again, for my complete thoughts on today’s pullback and my advice for the near-term, click here to listen to our Special Market Podcast. If you encounter any technical issues with playing the recording, please contact my customer service team, and they’d be happy to get you squared away. Sincerely, Louis Navellier
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