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Market timer Tom McClellan, publisher of the “McClellan Market Report,” warned of a “sharp drop” in the stock market, “beginning imminently,” and continuing for a couple of weeks into January. Among reasons for his view, chart signals suggest the recent rally in the Dow Jones Industrial Average DJIA, +0.07% and S&P 500 SPX, +0.10% to record highs appear to reflect a “blowoff exhaustion;” negative divergence in the advance-decline line, which showed most stocks were declining while the indexes rose; and the fact that the annual seasonal pattern shows a tendency for the Dow to fall during the first two-to-three weeks of January, McClellan said in a newsletter sent to clients overnight.
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