Seven Weeks In A Row And Counting

The markets soared on Friday making it seven weeks in a row of weekly gains. Big earnings from big tech sent the Nasdaq and the S&P to new all-time highs once again.

With earnings season officially only two weeks in, it's already shaping up to be a blowout for the market.

More good news came from the advance estimate of Q3 GDP. Estimates were for 2.5%. But instead, it was shown that the economy grew by a better than expected 3%.

Adding to the market's good cheer was another Consumer Sentiment print of over 100. (100.7 actually!) As I've said before, this bodes well for the economy and the market given that 70% of our GDP is tied to consumer spending. And a consumer that's feeling pretty good about things is a definite plus for the economy.

And once you throw in tax cuts, which are expected to come later this year, the outlook gets even brighter.

This week will put an exclamation point on a fantastic October.

Then we've got just two more months to go to close out the year.

If November and December are anything like last year, then 2017 is shaping up to go out with a bang!

Last year, in just those last two months, the S&P picked up 5.30%. Another move like that and the S&P will be at 2,717 by year's end for a 21.40% return.

Got to love this market.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research

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