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Friday, December 1, 2017

Daily update 12/1

Market is getting a little jumpy!

The market was just messing around when news hit

Michael Flynn Pleads Guilty to Lying to the F.B.I. and Will Cooperate With Russia Inquiry

That sent the market flying down.  However, the selling was short lived and the buyers helped make back most of the losses.  Breadth was dead even.  New highs dropped considerably to 143.  New lows were stable at 28.

The futures almost made it down to the lower channel line before bouncing.  They closed above the upper channel line though.  Still in an accelerated up move mode until they close back in the channel.

I heard reports they have enough votes to pass the tax bill in the senate.  I think they might end up voting before the night is over.  Somehow they have to get radically different bills into one bill both houses can support and I have no idea how long that might take.  News reports from that negotiation might cause some short term fluctuations.  There is also the small matter of keeping the government open that needs to be handled before mid month.  They are going to be busy in D.C. just with that. Then there is the Meuller investigation that could offer up some volatility like it did today.  The market could easily be moved around this month on news.  Hard to say how all that will play out.

Have a great weekend.


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