All major averages rose yesterday though on lower volume. The NASDAQ Composite, Russell 2000, S&P 500, and Dow Jones Industrials Indexes are now all at all-time highs. The NASDAQ-100 sits a breath away from new highs.
The Fed publishes its meeting minutes tomorrow. The market has already priced in a rate hike. FedWatch CME futures place odds of a rate hike in December at 100%, up from 95.4%. Fed members have expressed nearly unanimous views on hiking rates most likely in December, then adopting a wait-and-see approach on any additional hikes.
We had a number of names exhibit constructive low volume pullbacks in yesterday's trade. They were added to our Focus List yesterday. Low volume pullbacks that occur in the right context can be quite profitable. In the meantime, with the uncertainty of the election and the Fed's next move no longer hanging over the market, we would expect that the market will continue to move higher through the shortened Thanksgiving holiday weekend.
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