John Hughes jhughes@epiphanyresearch.com 212-692-6391
The early rally was not as enthusiastic as the indexes made it appear, Breadth has been flat to negative all session. No increase in downside pressure, but the day, so far, has a sloppy look to Just be cautious, based on this daily price action. In general, we sense a loss of buying interest. Most pundits are in agreement stocks will rally into year end. We aren’t saying they will be wrong, but with everyone looking for such a rally, it would suggest that most participants are invested or more invested. This means a lot of bets have been made and participants are waiting to get paid. This usually leads to a period of lateral performance at best, as most money has been put to work. Commodity issues still acting well, look to energy and precious metals for long ideas.
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