Mid-week market update: You can tell a lot about market psychology by the way it reacts to events. News overnight of the victory by Democrat Doug Jones over the troubled Republican candidate Roy Moore in the Alabama senate race was judged to be market unfriendly, as it meant that the GOP would have its Senate majority shrink by one vote to 51-49. ES fell immediately, but eventually recovered to roughly even the next morning at 8:30 before the release of CPI.
The near term message from the market is "stock prices don't want to go down".
Rob Hanna of
Quantifiable Edges observed that this week, which is December OpEx, is one of the most bullish weeks of the year. Moreover, positive seasonality extends past this Friday for another two weeks.
Do you believe in Santa Claus?
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