Thursday, November 8, 2018

Market now in confirmed uptrend

The Nasdaq composite followed through on the seventh day of its rally attempt as several top-rated growth stocks made explosive moves in the stock market today. The S&P 500 also followed through with conviction, and the Dow Jones industrial average surged also, both with gains of 2.1%.

Nasdaq volume rose and preliminary data showed NYSE volume coming in higher than Tuesday. Wednesday's follow-through rally confirmation means the general market is now in a confirmed uptrend.

Today, the Fed is likely to leave rates unchanged this afternoon as it announces its decision following a two-day policy meeting. U.S. stock index futures are down slightly this morning as traders get nervous about upcoming tightening in December. Recent reports showing strong job and economic growth give the FOMC little reason to materially change its statement, while recent stock weakness doesn’t appear large enough to warrant extra attention from the central bank.

The marijuana sector lit up yesterday after Attorney General Jeff Sessions resigned following months of public criticism from President Trump. A longtime opponent of attempts to legalize weed, Sessions lifted an Obama-era policy (known as the Cole Memo) earlier this year that kept federal authorities from cracking down on the pot trade in states where the drug is legal. Cannabis stocks added to their gains as Michigan approved recreational marijuana.

Marijuana should not be a Federal issue anyway. Let the people in the states decide. Since my home state of Michigan legalized it Tuesday, my goal of finding a summer house there moves up in priority!

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