Back To Rally?

Back To Rally?

Today was the typical move that sounds the “all-clear” for stocks to run back to new highs, as they have done for 2+ years now. Trading volume was light, however. Leading stocks also lagged on the day, aside from the invincible biotech group. There were qualified buy signals on MDXG and INCY today, both of which I passed on (but added to my leaders list). It still doesn’t “feel” like rally mode to me. In fact, I’m struggling to find anything more than short term setups here. Sometimes its best to wait and see if things heat up.

This is also our first “all-clear” without the Fed tailwind. Given that and the light volume, I decided to wait for further confirmation to the upside before I move my allocation accounts out of cash. It’s also unclear where I’d invest the assets right now.

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Back To Rally?

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