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Wednesday, March 15, 2017

Daily update 3/15

Nothing like a rate hike to spark some buying.

We finally got the bounce off the 20 SMA.  Breadth was +84%.  That probably qualifies as panic buying.  I can't imagine what the panic was about though.  New highs increased to 156.  New lows dropped way down to 26.

The futures are testing the upper channel line.  Will they break out and continue on or not?

Pretty good pop in the green count today, but it remains below 50.

FED day moves are notoriously fickle.  Sometimes they reverse in the next day or two.  We will just have to wait and see if SPX can get above 2400 or not.

Here are a couple of articles mostly on valuation sent in by a friend (tnx Manny).
“In the Short Run, It’s Very Difficult to See When to Bail Out”
Blue Skies


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