LPL's Senior Market Strategist Ryan Detrick, the S&P 500 just posted its best 100-day rally on record, having jumped 51% since March 23 despite an economic recession and tens of millions of Americans being unemployed.that explain why the stock market can keep moving higher despite a weak underlying economy.
One group of stocks that will help drive further gains in the market are "epicenter" stocks, according to Lee, which are companies within sectors that have been hit hardest by the COVID-19 pandemic.Joe Biden officially accepts the Democratic nomination this week. RBC says buy these 47 stocks spanning every industry that are poised to crush the market if he wins in a wave election.
On top of that, the epicenter stocks are underowned by most investors, as many instead favor technology and growth stocks. Lee went on to say, "These are people I've known for 10, 15 years that are really skeptical of the S&P, so when you have skepticism at nearly $5 trillion in cash, and even AAII reading showing retail sentiment is quite bearish, I think this move to all-time highs is going to create a scramble, and I think that's why we get a vigorous move.
Hopefully cnbc can put him on 3 more times this week. Who wants to hear from Tepper, Druck, or PTJ anyways..
The exorbitantly wealthy have 'ample cash' while unemployed and working Americans stand in food lines. We are watching videos of citizens being unmercifully evicted because they lost their jobs due to the wealthy's failure. Our economy is on oxygen. EatTheRich TaxTheRich
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