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Continuation Up November 12, 2017

Posted by Tom in Thoughts.
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Nov. 10, 2017 – A busy weekend and weekend for me so I’ll get right to it.  Yes, the trend higher continues.  A quick look at the chart below shows Market Sentiment neutral and the remaining indicators Bullish.  Prices remain at the top of the price channel . . rather “nose bleed” levels, with support at the 6517 level on the NASDAQ Composite Index.

Tax “reform” may be driving this market higher and that may or may not come to pass without “issues”.  Semiconductors, Technology, Japan are leading sectors.  I note that Real Estate and Utilities (defensive plays) have quietly moved up in strength.  The breath of this market does seem to be narrowing with less and less number of stocks driving higher.  That is something to watch as overall volume is dropping.

For now, we can’t “fight the tape”; higher is higher.  Have a good week.           ………….  Tom  ………..

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