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My indicators are neutral once again following the previous week’s bearish readings, but I am going to maintain a bullish bias as we head into the end of the year. The market continues to surge to new highs in what seems to be an endless rally, so although I do have some bearish positions for insurance purposes, I am not going to try to fight the tape.
Currently, the S&P 500 is on one of its longest streaks ever without a correction of at least 3%, so this is truly a unique time in the history of the markets. I think the main reason behind this is that investors have been planning on tax-reform for a long time now, and it seems to be finally coming to fruition.
Our government continues to grow by leaps and bounds, and the bureaucracy is acting like a cancer that keeps eating up more and more money in the process. Any time businesses or consumers can get any kind of relief from the monster we are feeding when we pay our taxes, it’s always very beneficial.
In this environment, today I am recommending a bullish trade on Verizon Communications Inc. (NYSE: VZ):
Buy to open the VZ Mar (2018) 55 Calls (VZ180316C00055000) at $0.85 or lower.
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