Tillerson is Done…and so is the NASDAQ’s Winning Streak

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The NASDAQ’s seven-day winning streak came to an end on Tuesday. In fact, the index, which also enjoyed two straight sessions of all-time highs, actually led the major indices lower with a 1.02% drop to 7511.

The other two of the Big 3 also pulled back. The Dow was off 0.68% to 25007 and the S&P slipped 0.64% to 2765.3. All three of them started the day in the green but couldn’t stay on the positive side. Much of the blame for today’s slide was centered on President Trump’s dismissal of Rex Tillerson as Secretary of State, which is a bit of déjà vu after last week’s exit of Gary Cohn.

“You would think that if the market wasn’t hurt by Cohn, why would Tillerson matter? Well, I think it has to do with uncertainty,” said Jeremy Mullin in Counterstrike. “While this perceived turmoil is a valid concern, it is likely to be forgotten as the next story hits the presses. What always seems to get stocks higher again is the solid economic story helping companies make money hand over fist.”

In the portfolios on Friday, Stocks Under $10 added a potash producer with a solid Zacks Rank and some good Zacks Style Scores. Also, Short List swapped out two positions. Learn more in the highlights section below:

Today's Portfolio Highlights:

Stocks Under $10: Slowly but surely, Brian Bolan is getting the portfolio back up to 20 names. Today the editor added Israel Chemical (ICL), the world’s sixth largest potash producer. It also sells plenty of other fertilizers. This Zacks Rank #2 (Buy) has beaten the Zacks Consensus Estimate in the past two quarters and has Zacks Style Scores of “A” for Value and Growth. It also has a really good valuation. Read the full write-up for a lot more on this new addition.

Zacks Short List: The portfolio short-covered Iqvia Holdings (IQV) and Autodesk Inc. (ADSK) this week. It then replaced these names by adding GoDaddy Inc. (GDDY) and The Trade Desk (TTD). Learn more about this emotion-free portfolio that takes advantage of falling and volatile markets by reading the Short List Trader Guide.

All the Best,
Jim Giaquinto

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