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The bulls are expecting a pretty good market between now and year-end, and stocks usually gain during the coming holiday season. On the other hand, history has not been as reliable in predicting the market’s direction of late. 

Last week, I warned readers to expect the stock market to bounce. It did, retracing 50 percent of the market’s decline in just about four days. I also warned that investors should not get comfortable with this bounce because after the bounce markets should go south once again. That prediction seems to be playing out.

I have been expecting a shallow pullback in the markets for the past two weeks. Instead, stocks have just climbed higher and higher. They are extended, but history says they can get even more so. As such, I am not holding my breath, or waiting around for it. Whatever pullback does occur should be bought.