Sideways from here until mid-December would be very strong in my book.
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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.
Every trading year has ups and downs. Some have more than others. But all have three characteristics that repeat year after year.
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.
Blue chips are outperforming tech stocks Friday morning, but premarket action is largely random.
Retail stocks got some bad news this morning after Walmart reported earnings and then promptly fell over 8%.