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Strategists recommend buying on rumors of tax reform, because ‘people are going to sell on the news’

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Stocks closed at record highs last week as Congress released the final version of its tax plan. But some strategists are floating a classic market adage to describe the market’s response to the pending legislation: “Buy the rumor, sell the news.”

XLF is acting very well on the chart. I think from here, you could see a move back up toward about $38,” he said, implying nearly 37 percent upside.

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