Oh well. There was real hope that the Dow would cross over 20,000 in time for Christmas. The high water mark for the week was on Tuesday, when the index was just a little more than 25 points from the milestone. But there just wasn't enough "oomph" in this low volume, holiday week. You just can't always get what you want...even at Christmas.
But no one should be too disappointed right now. The rally since the election has been epic, and only recently lost some steam since the rate hike. The major indices still finished the week with slight gains despite indifference from investors who started their festivities early. On Friday, the S&P advanced 0.13% to 2263.8 and was up around 0.25% for the week. The Dow inched forward 0.07% to 19,933.8 and the NASDAQ was up 0.28% to 5462.7, each of these indices increased a little more than 0.45% for the week.
And don't forget, there's always New Year's! It would be just as good a story for the Dow to hit 20,000 as we bid adieu to 2016...especially if you remember how poorly this year began. Of course, next week promises to be another period of low volume, so we'll see if the index can get into gear. Meanwhile, the portfolios saw double digit returns for Tactical Trader and Reitmeister Trading Alert . The latter portfolio also bought on Friday, as did Zacks Counterstrike . Give it all a look below:
Just in Time for the Holidays! Profits!
→ Kevin still likes the doctor and nurse recruiter AMN Healthcare Services (AMN), but thought this was a good day to book some profits in the name. He sold half of the position in Tactical Trader for a solid return of 31.8%. He would buy more in the mid-$30s.
→ The Reitmeister Trading Alert needed some space to add a position on Friday, and the "natural choice" for a trim was CommScope (COMM). This telecom and infrastructure management solutions company has doubled the market since Steve added it and has become one of the portfolio's larger positions. Plus, the editor's new buy is in tech, so it makes sense to take a little off another tech name. The partial sale brought a nice return of 11.4% and leaves RTA with a 6.6% allocation. Learn about the new buy below:
Today's Portfolio Highlights:
• The new buy that Reitmeister Trading Alert made room for is Micron (MU), which is one of the premier memory players in the favorable arena of DRAM, NAND and NOR flash memory. Shares of this company jumped double digits the other day on an impressive beat and raise performance…and Steve STILL wanted to buy it. The editor finds $23 to be a bargain for a Zacks Rank #1 (Strong Buy) with a Zacks VGM Score of "A" and target prices as high as $33. He added it on Friday with a 7% allocation. Read more in the complete commentary.
• Shares of Francesca's (FRAN) surged earlier this month after the specialty retailer of women's apparel products announced a strong quarterly report. Jeremy noticed it back then, but it was too expensive at the time. It has pulled back aggressively in the past few days to under $20 thanks to the retail sector's selloff on tariff fears in the incoming Trump administration. Zacks Counterstrike seized the opportunity and bought a 10% position in FRAN in anticipation of continued momentum higher. The portfolio is getting a Zacks Rank #1 (Strong Buy) with Zacks Style Scores of "A" in Momentum and "B" in Value. Learn more specifics in the full write-up.
Merry Christmas to All!
Recommendations from Zacks' Private Portfolios:
Believe it or not, this article is not available on the Zacks.com website. The commentary is a partial overview of the daily activity from Zacks' exclusive recommendation services. If you would like to follow the Buy and Sell signals in real time, we've made a special arrangement for you.
Starting today you can see all the recommendations from all of Zacks' portfolios, from value stocks and momentum trades to "insider buying" and positive earnings surprises (which we've predicted with 80%+ accuracy), you can gain unrestricted access to our best ideas for the next month.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.