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Maintaining the Up Channel December 3, 2017

Posted by Tom in Thoughts.
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Dec. 1, 2017 – The (US) markets continued to stay in the “Short Term Channel” (purple lines) which is pointed up.  On Friday prices briefly touched to bottom channel line on the Flynn guilty news, but responded to the tax bill passage news.  

The year end period is typically bullish, but we do see signs that negative news will trigger selling.  Now that the tax cuts are passed and the “big rollers” can look forward to lower taxes next year, it will be interesting to see the reaction in January, 2018.  For now I’m watching the 6668 level on the NASDAQ Composite Index as a first line of price support (blue line).

Not much to say except it looks like money is flowing out of Tech (especially Semiconductors) and into Banks and Finance.  Emerging Markets are erratic and Europe “ho-hum”.  My sector strength table is below (short term strength).

That’s about it.  Have a good week.        …………  Tom  …………

Price chart by MetaStock; pie chart & table by http://www.HighGrowthStock.com. Used with permission.

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