New highs in the major market indexes remain the order of the day. Those trying to make a blanket call about a top in the market are at best half-right, depending on what day it is. Certain areas of the market, such as semiconductors, Chinese-related, internet, and tech, certainly are showing signs of severe weakness as they remain in beaten-down positions.
Meanwhile, the QE beat goes on. The Fed came out with their December policy announcement, raising interest rates by 25 basis points as expected. Outgoing Fed Chair Janet Yellen conducted her final press conference in fine style, continuing with her usual line of economic gobbledygook about full employment, balanced risk, improving outlooks, etc.
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