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New highs, for Christmas, DJIA approaches 20K
|Posted on December 19, 2016 at 10:44 AM|
To Be Continued. The stock market has been hitting new highs recently, but the number of stocks supporting the move has been decreasing over the past few weeks, which is an indication a pullback could be coming. We think the long-term trend continues to be positive, but the market is extended for the near term, and a dip of about 5% on the indexes would not be unusual to see over the next few weeks. The short-term sentiment has also become a bit high on the bullish side as the Dow approaches 20,000, which also suggests to us a correction is due. However, many of the market-letter writers we see continue to doubt the longer-term bullish trend, and we view this position as one that has plenty of room for improvement. And so we continue to view the stock market as bullish into next year, with a potentially rocky period around year-end to set us up for the next rally. RBC charts.
Categories: Chemical Update 2016