Hi traders, as we expected last week, the S&P500 pulled back slightly from the highs and lost 0.65%. The FED, as expected, raised the interest rates for the second time during the last decade. The market is still in an “over bought territory”, therefore I expect another small pull back this week. For the “big” market pull back of 5-8% we will have to wait until 2017 for three reasons: The “window dressing” season of the end of the year, where the institutional traders try to keep the market at its highs in order to show high annual returns, “Santa Claus rally”, and the expectations that Trump will lower the income taxes in 2017.

Thank you!

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