Consolidating markets broke to upside on Monday with a solid SPY close over 249. The media watching bulls can now breathe big sigh or relief, right? Well, sort of. While the Nasdaq seemed to cheer the non-events of the past weekend, volume fell on other indices, putting the current rise mostly in the nervous retail investor’s corner. Our General Investment Strategy (GI) has now shifted to SELL mode from BUY last Friday (those who not so nervously bought the close last Tuesday are looking at a potential gain of at least 3 points on SPY). Whether or not the bank bounce or iPhone X can entice more big institutions to join the party from here remains to be seen. The current accumulation cycle is still intact as TVO continues to rise, however, IO has already reversed, so a short-term pullback may sneak in a lot sooner than expected. -MD
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