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Wednesday, December 31, 2008

New Years Eve Update

Here we are at the last trading day of 2008, a year that will be remembered on Wall Street for a long time. Here is a good picture of where we are, almost smack dab in the middle of a trading range between 857 and 918. Yesterday we took out the 50dma at 888, and this morning broke through minor resistance at 895. here is another minor level at 905, then looms 9178. If we get through that, we are looking at the possibility of a January rally, if not we could be headed back to the November lows. Today isn't likely to give us an answer, as I expect very low volume.

There is absolutely nothing going on on the earnings sheet today. We have a ton of new highs, including some potential breakouts I am watching: TMP, INSU, and CPHL. I will post any charts that I find compelling.

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