Wednesday, November 14, 2012

Stock Market Quickie

A tough Obama line on the fiscal cliff, ugliness in the streets in some southern EZ capitals
and, not to be outdone, Israel bombs Hamas and launches tank fire down into Syria from
the Golan. The US stock market is now in breakaway down mode, and the road map on
breakaways is unfortunately sketchy. The SPX is approaching a decently tradable 5%
discount to its 25 day m/a. The action in recent days shows failure to hold positive moves
early in the day, but with a deeper oversold now at hand, a stronger test of intent is ahead.
SPX Daily

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