We're back for more folks, and if what we're starting to see to close the month of May is any indication of what lies ahead, we could be in for more upside. The markets opened a little lower, but like we've seen so many times in previous weeks, they're doing everything they can to move higher.
Oil's not helping the markets, however, some of you might remember the guys over at Elite Opportunity Pro (EOP) called that one almost perfectly, so if you decided to open an oil short via one of the bearish leveraged oil ETF's like SCO, you're doing just fine right now.
After a slight rebound on Friday, the price of oil has run into a little trouble to start the week off, but the analyst team at EOP do believe $37 per barrel is possible before the commodity could bottom for good. That's a long way from here, so we'll see if they're right.
They're also saying the major indexes could run into a little weakness as soon as this week before they could find more strength again. But, they continue to believe the broader markets should still go higher, as they see no sign of any sort of real multi-month or multi-year top yet.
So, if you're looking for individual growth stocks on the NASDAQ and the NYSE with tremendous potential, you probably would be doing yourself a big favor by giving their service a shot here: https://www.smallcapnetwork.com/pages/EOP/v1/.
Their thinking right now is based on the fact the S&P 500 made another new high last puts a big technical feather in the bulls' cap in the long run, and even with many sectors still somewhat lagging the major averages, the overall undertone still remains bullish.
How high can stocks in general go? Just look back at 2000 and 2008 for what they're capable of doing when major funds and institutions are still willing to buy the markets higher.
If last week's GDP Deflator is any indication of future performance, there's more economic fuel for the markets' recent fire. The second GDP Deflator estimate came in at 2.3% on Friday with nominal GDP coming in at .7%.
With Fed Chair, Janet Yellen, continuing to kick the interest rate can down the road, the reality is our current economic landscape has pretty much been the same for years now, with earnings continuing to approve at the corporate level.
If the new administration can get small business to come back and thrive again, it's going to be a whole new ballgame for the economy - as well as small and micro cap stocks. They're going to have to lead these markets higher at some point, but it just doesn't seem to be the case yet.