US stocks are floating at record highs and those levels could rise further.
|SP500||S&P 500||4630.65||+16.98||+ 0.37%|
|Me: DJI||DOW JONES AVERAGE VALUES||36052.63||+138.79||+ 0.39%|
|Me: COMP||NASDAQ COMPOSITE INDEX||15649.602502||+53.69||+ 0.34%|
November through January is historically the best three-month range for stocks, as tracked by the Dow Jones Market Data Group.
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The S&P 500 and the Dow Jones Industrial Average gained 3.4% on average, while the Nasdaq Composite roughly doubled at 6.3%.
“Seasonal tailwinds, improved market data and clear signs of a peak in the Delta variant are all potential fuel for stocks at the end of the year, and we are sticking to our recommendation to overweight stocks,” wrote Ryan Detrick, Chief Market Strategist, LPL Financial. in a message to customers.
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Detrick also notes that the pullback in early October, the first 5% of the year, pushed stocks to more new highs that were carried out this week. He advises that further gains should be “embraced and not feared”.
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Other bullish signals he sees are the Dow Transports, which is pinpointing the direction of the Dow 30. Those stocks are up 13.7% this month, the best in about a decade. Copper, the industrial metal used as an economic barometer, also rose by over 7% in October.
|COPX||GLOBAL X COPPER MINERS ETF||36.55||-0.97||-2.59%|
Another bull case for stocks? US cash is at a record $ 19 trillion, notes the Goldman Sachs team, led by David Kostin. They see some of that cash moving into stocks, adding that “net inflows from US ETFs and mutual funds since the beginning of the year are the highest since at least 2001,” the press release said.