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As anticipated, the torrid pace of the recent stock advance is slowing down. Likely because the market is digesting gains. Also it gives investors time to evaluate this current round of earnings and fresh economic data to determine if 1700+ is in the cards.
My guess is we drift up to 1700 and have a slow creeping breakout that seems like a consolidation on many levels... just no serious pullback to speak of with low volatility. The catalyst to go higher will probably not be some obvious, shining example of the economies strength. Rather, the LACK of bad news will give investors the ammunition needed to bid up stocks above 1700.
What this means is that I am no longer as interested to take profits on the way up to 1700 as I stated in the past. Rather I will give stocks room to creep higher with an eye to cut losses on any meaningful slippage.
I am not the only one with an opinion of what will happen from here. See the views of the Zacks community in this recent Real Time Insight post: Making New Highs... Now What?
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