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It's taken a while but we now have a McClellan Oscillator confirmed sell
signal in both the NYSE and NASDAQ. This occurs when the McO drops briefly
under 0 (or under -100), rises above zero (or -100) for several days and
then declines taking out the previous low. This signal can often be counted
on to provide a correction which lasts more than a few days. I'm still
looking for considerably more upside after a correction. The NASDAQ is still
the one to watch because it is the tech stocks which have held the S&P above
water. If the NASDAQ tanks seriously, the December rally is probably over
Given the broad strength and confirmations in the NASDAQ, I believe there is
still another NASDAQ rally ahead.
Earl
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