Look For a Low Point Mid-December

We saw very significant market action at the end of last week. The big drop on Thursday, and the close near the low, also broke the bottom of the consolidation zone we had been in for nearly three weeks. Volume increased on the drop as did trading range, suggesting an important change of direction. The subsequent rise on Friday was on lighter volume, and then yesterday we saw a very narrow trading range and little progress. Moreover, the weakness was far more evident in Nasdaq than in the Dow, suggesting money leaving the more speculative issues. That, too, is a warning sign.

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