If Market Was Going To Decline It Would Have Happened Thursday – Get Long

Posted 9:30 AM ET - The market was able to shoulder hawkish Fed comments and the potential for 3 rate hikes in 2017. If we were going to see selling, it would have happened Thursday. The table was set perfectly for a big reversal and it did not happen. Buyers are engaged and the price action tells me that Asset Managers are still eager to put money into equities. Profit taking was light. I will trade from the long side today. Tech is catching a good bid and that will be my focus. I will be cautious in the early going. If the market gets ahead of itself it will retreat. Bullish speculators will be kept in check. The S&P 500 fell from +15 points to +2 points yesterday and we can expect that when prices get overheated. The market is up 8% since Trump was elected so we are a little over-extended. Don’t chase, be patient and wait for stocks to come in. Any dip will be a buying opportunity. Seasonal strength will fuel a grind higher and trading volume will decrease next week. . .

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