The one rate increase that just about everyone expected, suddenly became 4 (1 plus 3 more in 2017… Well, I’ll believe that when I see it), causing markets to tumble and run for cover. Not all indices were equally spooked by the news, though… while volume spiked on the big board, the Nasdaq fell on decreasing volume (encouraged by the Silicon Valley tech meeting, perhaps?), keeping the big boys on board for the time being. The Heat Gauge was just hot enough to trigger a buy in our General Investment Strategy, which will bring our SPY ETF postition up to 100%. Accumulation is still the market’s pre-dominant plan (until it isn’t), and with the tight range that adv/decl volume has been in since the beginning of December, this dip may very well be the early X-mas present the bulls have been hoping for this year. -MD
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