2016: The year of the long shots
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IT WAS the week before Christmas and nothing stirred on the stock market, not even a very reachable index milestone.
US stocks finished near records last week as traders bet the US economy could absorb higher interest rates. This week, seasonal patterns of strength may be frustrated by a psychological barrier.
"We are seeing levels of excitement on equities like we haven't seen for years in some cases," said Ryan Detrick, senior investment strategist at brokerage LPL Financial, in a note to clients. "New highs will do that, but it is important to remember that this by itself doesn't mean a certain coming market correction. It could be a potential warning sign, but seasonality and the improving economic data are the two biggest positives for equities in the near term."
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