Month: December 2016
Happy Christmas everybody!
Yesterday, the local market continued with its seasonal strength, rallying another 22-points to close at a fresh high for 2016 – a nice way to be heading into Christmas. We felt this advance was a very high probability occurrence, the question now is what happens over the remaining few trading days into both Christmas and New Year’s Eve? We currently remain heavily committed to the market looking to sell into current strength, hence until we actually sell some holdings, forecasting this recent advance rally counts for nothing.
Both the news flow and the markets are slowing down for the festive season. US stocks were up again last night and remain on track to rally ~2% to fresh to all-time highs as we have been targeting – the Dow is flaunting with the psychological 20,000 level. Impressively, the S&P500 remains up close to 9% since Donald Trump was elected, an event most people were touting as potentially a big concern for stocks.
With two young kids this coming Sunday is not surprisingly the topic de jour in my house but we should not forget that stock markets are in their seasonally strongest fortnight and we anticipate some activity shortly. US stocks are continuing to digest the Fed’s forecast of 3 not 2 interest rate hikes in 2017 in a bullish manor. The S&P500 remains only 0.7% below its all-time high and we are still expecting a 2-3% rally before we all start singing “Auld Lang Syne” in twelve days time.
Really bullish, there's more to go in the reflation rally
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