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S&P 500 (SPY) Update 1/22/17

To add color on where the S&P 500 ("SPY") could be headed - please see the chart below. The SPY has been trading in an extremely tight range for almost two months. When charts consolidate in this manor, its the equivalent of a tightly wound rubber band ready to snap. In our monthly update I noted a -10% decline wouldn't be a surprise. If there is a decline, this would present a buying opportunity as P/E multiples would decline 15% if the Trump tax cuts take form in 2017.  

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