Earnings, valuations and economic data will continue to fuel stocks higher in the last two months of 2015, says strategist Peter Kenny of Kenny's Commentary.
Stocks unable to extend their winning streak into the third day for analysis we know what is it that market strategist Peter Jennings a case there. Welcome back Peter nice honest but on the day hires so what threw water on the market well keep in mind we've had quite a trade higher through October 9%. And we added some in the first trading days of November but now the market is really focused on. Fed speak today we head yellen and we have another twelve speeches between. Today's. Opening and Friday's close so a total of thirteen. Markets through it focusing on earnings. But really also focused. The industry narrative. The Federer users likelihood of moving and rates this year things of that nature and as for Janet Yellen she said that. She saw the December rate hike is which cultural life possibility. Heidi interpret those remarks well those remarks are designed to be vote specific. Andy the same time so much of the commentary that we got from the is meant to really perform a balancing act. Keep markets. Informed but at the same time not me the moves that the that is expecting to make telegraphing clear. You know ones really really good at it that. But I do think that the markets are looking picture no one's on commentary today. As increasing. In December as opposed the and you feel that way to write that December's. I like I I'd definitely agree with I think it December's more likely and Afghanistan. Recently and it's more likely than it was yesterday because of Chan Jan you know commentary today we also as you know we discussed. The data that we've been getting supports the commentary it though you know we've seen some weakness in Durham Wilson in mind. Questions about inflation and things of that nature home sales almost analysis you. I think the street is looking at our most recent. Back to dad as being the low point trough in the earnings. Trough. In 2015 economic landscape so. I think investors in the market. Is looking for improving. Dynamic growth in the economy and GDP expansion moving forward and I think that's precisely it. Cheerio is looking as well. Peter in your newsletter well I read every single day thank you seem to veering away from the constantly expressed about a month or two earlier. What's giving you that's that's about optimists who my my outlook is. Definitely rotating to something more constructive primarily because. The last time we spoke. We were looking at the markets really having some difficulty getting through some resistance levels. But since then the market has moved through the fifty day and 200 day. Fairly effortlessly with management over the last few weeks. We're also seeing that earnings season. Is providing. A constructive narrative for equity investment arm. So you're seeing so you know very accident reduced significantly in the for the S&P 500 this for Q3. Companies are coming up and eating and that's constructive guidance is not negative it is I would determine is sustainable growth. And investors like that. So I I think that the market both from a technical perspective and from a violations perspective. Is in that sweet spot where it could move and where investors are urged to take on more risk which is why we've dancing performance by the rose 2000. The NASDAQ. Composite. And relative Tuesday. Dow and the S&P 500 and the NASDAQ one lesson here so to adolescents who once left for the end of the union still see stuff schooling high sticking here. As far as you know YS and 500 target whisper call for 10% gain this year. As some. 4% we have two months left. I think we can close now I doubt we're gonna hit 10% on the nose but I do think that moment will lift the street iron the year end. Because we have the support of violations of the sport and economic data or earnings. And I do think that we could see that. That would mean 10% we get something very close so close that it's thankless thing. Our thanks to Peter Kenny of pennies commentary I'm Fred Katayama and this is Roy.