Hard to believe but stocks actually went down yesterday with the exception of the NASDAQ, which made another high. There has been a lot of support at the 4522 level on S&P futures that broke yesterday and now below that level. The jobs report on Friday seems to have shook the markets along with calls reducing GDP, the announcement of higher taxes and the potential of inflation impacting future earnings. But all of this other than the jobs report was well known and in my opinion not priced in. While the indexes have been moving higher, underneath the hood, there have been less and less new highs by individual stocks. Sentiment may be changing and we could see the market correcting overall. How far and how long is anyone’s guess. Investors have been addicted to the Fed drug but it may be losing its effect after 18 months of Fed manipulation. However, keep holding your winners and add if you get opportunities to do so. If you haven’t trimmed, this may be the time to do so.
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