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Friday, November 14, 2008

Friday Update

The market got off to a slow start this morning as the dollar rallied. 87.18 seems to be the pivot point here, keep an eye on that. After a gap down, the SPX tried to rally, but couldn't quite fill in the gap, and is falling into a slow downtrend. All sectors are red right now, with XLE and XLF both over 4%. XAU, gold and silver, is green, but barely. Selling is picking up steam on the SPX, and the first level of support I can see in around 880.

GSI reported this morning and is down 16%. There are no breakouts and no new highs.

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