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Don't Overreact to a Pullback in an Extended Market

James "Rev Shark" DePorre

For a while on Wednesday night, it looked like the very dovish Fed policy statement might produce a negative response, but the market traded straight up on Thursday as it squeezed the bears and frustrated the underinvested bulls. With the S&P 500 now at its highest level since October 10, technical conditions are extended and the market is looking harder for an excuse to justify some profit taking and consolidation. In his comments on Wednesday, Fed chair Jerome Powell, acknowledged the weakness in Asia and Europe as part of the reason behind the Fed's uber-dovish policy.