Good Morning RWO!
Half way through December and the question on everyone’s mind, Did the Fed kill the Santa Claus rally? Personally, I don’t think so. If you think about just how much the markets have moved in the last 6 weeks it’s actually amazing that yesterday we didn’t pull back a lot more. Dow futures remained positive all night long and although lower than the overnight highs they still continue to remain positive at the moment.
There are several big items on the economic calendar this morning. As long as they don’t disappoint in a big way we could have a positive open contrary to what yesterday’s closing candle would suggest.
I don’t expect the bulls to give up on 20K very easily. Even if we get more selling today I think the bulls will at least attempt another shot at that big round number before year’s end. Believe me, I know the market needs a pullback but the super bull may still have a few more things to say.
Have a great day!
Trade Wisely,
Doug
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