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**December 30, 2022 - This was a low volume week that Santa Clause decide to skip (ref. “The Santa Clause Rally” Effect). The chart below is the NASDAQ Composite Index on a weekly basis. We remain in a down trend. So . . . IF one must buy stocks, I would recommend only in select, strong sectors and hold them for a short period of time on a short leach. This is NOT a Bull market. There is no reason to “buy & hold” or to be patient.
I am expecting a small / modest rally after the first of the year, likely running into mid-January, then another leg lower. Why? Because earnings from the 4th quarter 2022 will be reporting and they will very likely show muted results. Of course, I could be wrong, but if you think about it, it’s a rather logical expectation. In the meantime, inflation (maybe) slowing but still high, interest rates are increasing, Ukraine remains a “wild card” and the Congress will likely become dysfunctional with personalities trying to grab the camera & microphone for the next 2 years. (editorial: Wonderful !) So let’s think short term and be very selective. Until then and all year long . . . . Happy New Year ! .......... Tom .......... Price chart by MetaStock; used with permission.