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Tuesday, March 21, 2017

Market update 3/21/2017

Window dressing season 

Saw money come out of financials yesterday, yet the market hardly moved.  Points to money managers re-allocating funds going into the end of the quarter. Pretty dull market. See the charts of doom, to see the $BKX testing the 50 day. 
Fifth Third bank is bouncing off the top of the pattern, so I'm not expecting much selling, yet...

SOX popped higher. Saw that coming last week, and called it a "sell". Looks like a reversal to me. 

NATGAS popped off the top of the (previous) channel, and comes up against serious resistance. I'd be a seller. 

Oil pulled back slightly. Support on WTI becomes 49.25  

Energy - I like many energy names, and the sector over all is way oversold. 

Gold miners - I'd be a seller....

There are a few miners I like. 
Yamana $AUY 

$GFI - on a breakout back above 3.57. 

$AU also wants to snap back into the Easter holiday short covering

Other miners like Glencore LSE $GLEN.L haven't even begun to correct. 

REITS: $RMZ has snapped back nicely. Take the money and run.  

The broader market looks weak, and I'd expect the rug to be (suddenly) pulled out ahead of the Easter holiday, which happens to occur 1 week ahead of April OPEX. That would set up for the next short squeeze. 

Support on the SPX is the upper blue line. Support @ 2277 (the previous high)

So, the market is holding up for now, but I'm still expecting a reallocation in mixed markets. 
Trade whatever works, and snip gains wherever you can. With any luck we'll see a bear market develop in Semiconductors.  
GL, AA  


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