2016 Growth Projections, by Sector
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Welcome back from the long weekend, folks. We hope everybody had a nice time.
As we were worried about after Thursday's intraday tapering, the bulls were MIA to start this new week off. With the Santa Claus rally already fizzling in this last week of trading for 2015, I doubt any would-be buyers are now going to find the wherewithal to be strong buyers here. It's usually a slow week anyway, and with no more proven momentum, the next three trading days (the market's closed on Friday for New Year's) are likely to prove especially slow.
Today's session got a little bit scary shortly after the open, with the S&P 500 as low as -0.8% at one point. By the time the closing bell rang though, the index was well above its lows, and ended the day just down 0.22%. That intraday bounce, however, merely yanked the S&P 500 right back to an entanglement of moving averages that's been in play for several days.