May 29, 2014

Jeffrey Saut: Not worried that 1st Quarter GDP growth was revised down to -1%

The headline figure was weaker than expected, but it was mainly due to slower inventory growth, which bodes well for future growth, future orders, new orders.  [Unless a decline materializes this week, the S&P 500 is] probably not going to come back below [the] 1,890 – 1,900 [level], which is where the near-term support is.

~ Jeffrey Saut, chief investment strategist at Raymond James Financial, "S&P 500 sets another record closing high on growth bets," Reuters, May 29, 2014

(The S&P 500 gained 10.25 points or 0.54 percent, to 1,920.03 - a record close and a lifetime intraday high.)

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