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Wednesday, November 08, 2017

The Dow continues the grind higher today by 6 points on very good volume.  The advance/declines were barely positive.  The summation index is still moving lower.  The overall market was stronger than the Dow.  Overbought now for weeks and weeks.  It is sounding like a broken record.  All you can do is stay long because we've gotten plenty of sell signals and none of them have worked.  The VIX remains below 10.  Only the RUT and the TRAN have been in mild consolidations lately.  But there hasn't been any meaningful declines this entire year.  GE was off about a dime on lighter than lately volume.  Gold rose $6 on the futures as the US dollar was just a touch higher.  The XAU and GDX had slight fractional gains on light volume.  Gold is trying to hold its recent lows.  Mentally I'm feeling OK.  So where do we go from here has been the question for quite a while.  The answer so far this year has always been higher.  Stick with the trend is all you can do.  I've been waiting for a correction or some type of decline but it just doesn't happen.  Very short term overbought and extended here but it just doesn't seem to matter.  We are still in a very favorable seasonally time frame.  So I suppose we'll just have to ride it out to the inevitable end.  I do think that it will end badly when it comes.  I still think that we are in the 5th and final wave up of a move that began with the lows of March 2009.  So we will have to wait and see.  Europe and Asia were mixed in last nights trade.  We'll see what tomorrow brings.  

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