Globe editors have posted this research report with permission of Phases & Cycles Inc. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:
In sum, it's time to declare "long live the bull market." This has so far been an extraordinary year for a long-in-the-tooth bull, and there are further all-time highs ahead.
Vulnerability to a significant correction will increase in the September/October period. But this bull market is not going to be conclusively "trumped" in 2016. It is still very likely that this bull is going to see birthday number eight in 2017.
In the weeks ahead some extended stocks may be candidates for profittaking. At the same time, any market correction in the fall should be treated as an opportunity to accumulate stocks that still have a positive technical profile.
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Ron Meisels