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Tuesday provided mixed economic news, yet stocks still continued their march towards the all-time highs at 1565. At the close we were an eye lash away at 1563.77.
When I say mixed economic news, there was actually no good news. Durable Goods minus the volatile transportation index was actually down -0.5% vs. +0.7% estimate. And Consumer Confidence plummeted to 59.7 from a prior reading of 69.6. This coincides with a similarly large drop in the last reading of the Consumer Sentiment report.
Why is that relevant?
I am still confident that the 4 year bull rally isn’t over yet. However, Tuesday’s action gives me a sneaky feeling that after touching 1565, it may be the last gasp of this leg of the rally. Meaning we may not make it up to 1600 before the next correction.
Don't put that in stone just yet. Let's just say that the odds have increased that this is the way it may unfold. For long term investors, it should have little effect as you guys should just stay focused on the long term positive trend. However, traders may consider taking some profits sooner than later. And then buying back again on future dips.
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