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The popular averages closed to the downside on Monday. The Chicago purchasing managers index of regional business activity fell into contraction territory. Pending home sales rose slightly in October. Meanwhile the price of crude oil fell while the gold price rose on Monday.
Above is my 3-
Rampant pessimism by pundits, advisers and investors during late summer returned the contrarian in me to optimism for the longer term. I sensed smart money accumulation during September, while the pundits were screaming doom and their listeners were still bailing out. Investors may have been anticipating the usual trough for October, but in recent years many of the normal seasonal turning points have been slowly advancing to earlier in the calendar year.
The SPY’s rebound September 29 and especially the huge intra-
November began with a two-
Now the record high of May is again within striking distance. The SPY price has barely changed for over a week as folks were involved with Thanksgiving. However a Santa Claus rally usually transpires in December, which is often the best month of the year for the stock market. On Tuesday, pension fund managers will have new month cash to put to work.
DISCLAIMER: Our commentaries are provided as general information and not investment recommendations. You are responsible for your own investment decisions. Our opinions are based on historical research and data believed to be reliable. There is no guarantee that results will be profitable. We are not responsible for errors or omissions. We may hold positions in vehicles that are mentioned.
© Curt Renz
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