All three major U.S. stock market indices fell over 1% yesterday ... the Dow and Nasdaq posting their single worst day of losses in five months. In other words, the U.S. stock market is on sale today.
We say buy it.
U.S. economic growth, profits and employment will all continue to accelerate, at least through the third quarter of 2017.
You won't hear this from the mainstream financial media this morning. Instead, partisan news outlets seemed to relish the opportunity to bash President Trump.
- WSJ: Stocks Suffer Worst Day of Year as Confidence in Trump’s Agenda Wavers
- The Atlantic: The Stock Market’s Biggest Decline Since Trump’s Election
- MarketWatch: Selloff in U.S. stocks set to pick up again as ‘Trump trade’ dwindles
Take your pick of words to describe this – bluster, blather, drivel – then move on. The actual data, not partisan punditry, will set you free. Speaking of data, as we wrote recently, the Consumer Price Index (CPI) and Retail Sales are at or near five year highs.
Want more data? "Here's what one of the biggest buying opportunities in 4-5 months looked like yesterday," writes Hedgeye CEO Keith McCullough this morning.
See the Chart of the Day below...
Bottom Line
Don't let your politics blind you. With U.S. growth, profits and employment heating up, there are a lot of things on sale and worth buying this morning in the U.S. stock market. And just in case you still don't think you should buy the dip, we encourage you to take another look at the Dennis Gartman contra-indicator at the top of this piece. It's flashing buy as well...
