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DB's Jim Reid concludes the overnight wrap
The eyes of the holders of US equities continue to stream tears of joy at the moment, as yesterday marked the 5th up day out of 5 so far this year for the S&P (+2.77% so far). Since 1928 we’ve only seen the first 5 days of the year to be consecutively up 7 times and this is the first occurrence since 2010. When the first 5 days are up, the average price return for the year is +13.44%, with the low of +2.03% and high of 20.09%. Notably, the longest streak was in 1976 and 1987 when the S&P rose for 7 consecutive days at the start of the year.
Tech dropping steady, now red on the day. I think this makes it Deja Vu from yesterday. When Pasta Boss puts up his sector chart I think it won't look at all like the pre-tax cut version!
To me the obvious down trend targets start with 2746.75, yesterday's Point of Control and closing print, then 2743 has yesterday's midpoint as well as the overnight low. But it has to break yesterday's high first!
Trades with cats wrote:IS GDX trouble tied to Yen Dollar upset?
Whatever the cause, there is suddenly short-term overhead supply in the precious metals. About a week's worth of trapped bulls.
imo, buy the dip setup for possible shutdown next week. nice article how shutdown very short term really good for gold, longer term not very good at all!