Technology is outperforming blue chips premarket Thursday morning, but action is largely random.
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The bond market (TLT) keeps moving higher, which is good for consumer stocks and names sensitive to interest rates.
I’ve been saying that I think it’s time for a bit of a market correction, but the long-term trend is still bullish.
While December’s price action might not be as stellar as November’s, the opportunity is setting up every week for this last trading month of the year.
It’s been a volatile week, even though the market hasn’t really gone anywhere. Trading volume has continued to be light after the Thanksgiving holiday.
This morning’s Personal Consumption Expenditures Price Index report, excluding food and energy, rose 0.2% for the month and 3.5% year over year.
Gold is experiencing a significant rally, with no major resistance until the $193 mark.
We only had about 60% of the average trading volume on Monday.
I wouldn’t be surprised to see a little pullback before we head higher again. We’ve had a big move higher already, so we’ll likely dip a bit.
Whether or not interest rates will stay at current levels is what’s driving the market most in the near term.