The Closing Look
Stock Market Commentary:
Stocks fell on Thursday and gave back most of Wednesday’s gains as the U.S. dollar rallied and investors digested the first Fed hike since 2006. The weak action we are seeing on Wall Street highlights what we have been telling you all year: The market looks toppy up here as fewer and fewer stocks are acting well.
Stocks fell on Thursday and gave back most of Wednesday’s gains as the U.S. dollar rallied and investors digested the first Fed hike since 2006. The weak action we are seeing on Wall Street highlights what we have been telling you all year: The market looks toppy up here as fewer and fewer stocks are acting well.
Gary’s Thoughts: The force is not with the market. If Monday’s lows get taken out…call Hans Solo! Narrow markets are easier to sell off…and this is the definition of narrow.
Could a sell off past the lows really happen the week before Christmas?. Anything is possible, but I would be surprised.
PS…I am seeing a classic head and shoulder pattern on the NDX yearly chart, which is made up of the four horsemen.