The stock market is still bullish

The S&P and DOW  have gained from their November 16 lows by moving well
past the mid point of the prior drop. The Nasdaq has lagged behind. But recent strength in the semiconductor sector suggests a possible turnaround for the Nasdaq as a whole. The overall technology group was the only group to increase its relative strength. The cyclicals, consumer staples and finance all retreated in relative strength. The stock market performs better when technology leads.

The sector analysis also points to improvement in the economy. The energy sector has dropped by more than 3% in relative strength in December after falling more than 1% in November. Stocks usually move in advance of the cash market. Transportation continues to advance. It gained an amazing 6.9% in relative strength in November and has followed that up with a more than 1% gain.

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