* The Dow 20,000 party is going to have to wait - at least for another day

* The Dow was down a little bit today - 23 to 19,918

* The broader market was a bit weaker than the Dow

* The markets continue to shrug off very weak economic news that came out throughout the day

* We got bombarded with all sorts of negative pieces of news that ordinarily, maybe before the election of Donald Trump, would have weighed down the market

* Certainly it would have weighed on the currency markets

* The dollar would have been very weak and gold would have had a big rally

* Instead, gold was down a little bit, and the dollar rose a little bit despite very weak economic data that I will get to

* I want to start off by focusing on the stock market and the optimism which is really quite ridiculous and unfounded

* Part of the reason for the rally, though, is a lack of selling

* We have a lot of people mindlessly buying the markets, but you don't have a lot of selling

* One of the reasons is that people would rather sell in January than in December

* People are enthusiastic about Trump's presidency because he will cut taxes

* If you have a gain in the stock market, why realize that gain now in the waning trading days of 2016

* If you sell now, not only do you have to get your check into the IRS by April of next year

* But also, you've got to pay the current tax rate

* If you wait until the firs week of January, you don't have to pay taxes until a year from this coming April

* You have all that time to use the money and the tax rates may be a lot lower

* So why sell now? A lot of people are being given that advice; don't sell now - wait until January

* Who knows - this market could ring in the new year with a major sell-off


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