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 and S&P 500 to record highs appears 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 an
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