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Market Commentary

September 23, 2016

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 Today's Commentary         (Not seeing a current commentary?)               


Stocks followed up on the Wednesday Fed rally with another rally on Tuesday.  The Dow added 99-points, which was off the early highs.  The uncertainty of a rate hike lifted for a while, and investors have taken that as a signal that it's OK to buy again. 

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The small caps had a big day, as they tend to celebrate low rates more enthusiastically since they depend more on debt than larger companies. 

The next obstacle for the market may be Monday's presidential debate.  The word on Wall Street is, and who knows if they are right, that stocks could react negatively if Donald Trump does well in the debate -  basically because he is more of the unknown where Hillary Clinton is assumed to be "more of the same" as far as policies go.  Who knows what either will bring to the economy, but markets just don't like uncertainty. 


The SPY (S&P 500 / C-Fund) opened a new small gap (red) while filling the large one from a couple of weeks ago.  The bear flag seems to have been neutralized with the rally over the last two days, and now the index is reaching toward new highs, although slightly overbought in the short-term.

                 
 

The DWCPF (small caps) - same story.  New gap, old gap filled.

         


The EFA (I-fund) actually made a brief new 2016 before pulling back.  It closed with a nice gain but also created a large open gap.

         


The High Yield Corporate Bond Fund also made a new high in early trading, but like most indices, backed off into the close.  That could mean some short-term backing and filling, but overall the chart looks good.
     
         
     

The AGG (Bonds / F-fund) filled one gap, opened anther.  Seems we've heard that somewhere before.

       



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I have to run  Thanks for reading.  Have a great weekend!

Tom Crowley


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Chart provided courtesy of www.sentimentrader.com
 
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