Overall volume barely budged on Wednesday as the devil in the details of the tax plan failed to impress the “buy the rumor” crowd with anything they didn’t already know. But markets are living in future time and while most retail investors are just grappling with news at present, the big institutions and what they already know is more than enough. And 3 across-the-board accumulation days in one week is more than enough of a sign that, not matter what the reason, they know all they need to know and are in it for the long haul.
So are next week’s job numbers and the Fed already priced in as well? TVO would be inclined to agree as the oscillator values are close to zero and our GI is on the verge of shifting to “buy” mode. IO, our Issues oscillator, on the other hand has a new moon on the horizon and values of +50 are extremely overbought and won’t stay that way for very long. Shorts would be wise to wait for IO’s numbers to reverse before they do their thing, but it’s best not to stare at the moon for very long. -MD
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