You might be inclined to explain away last week's weakness by noting the low volume and people on vacation, but the historical record of year-end rallies was built on similar conditions. More likely, the absence of sideline cash will become a common problem throughout the year.
More Quotes from Ken Tower:
Yesterday's high now become key resistance. Because the longer term trends all remain up, there are lots of support zones below current prices. The big Nasdaq stocks have been the weak link in the rally, as demonstrated again yesterday by being the only major average to fall.Ken Tower
Financials led the sector rally yesterday. Tech has been getting a lot of bullish press recently, but its relative performance continues to suffer. It's premature to put this into the leading sector category.
Ken Tower
The market may not be able to overlook Intel's warning, but the fact that it's able to absorb the negative news without a steep price decline is a positive signal.
Ken Tower
I think the question the market is struggling with is whether we are concerned about inflation and too strong an economy, or if the Fed is raising interest rates too much and cooling things off. So we have a little pause in the market today as it tries to work this question out.
Ken Tower
I think there is a wait-and-see attitude about next week's Fed meeting. Investors are thinking that perhaps the recent weaker-than-expected employment report means that the Fed is near the end of its rate-hiking cycle, but I don't think that's the case.
Ken Tower
With the technical picture so cloudy you may be tempted to sit this one out and wait for clear evidence of whether market direction is naughty or nice before initiating either long or short positions.
Ken Tower
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William Lamb Melbourne
We are always rushing to an appointment or trying to meet a deadline.
Menachem Mendel Schneerson
Sometimes a hard day's work is easier than a lot of things you can meet in life.
Chris LeDoux