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Wednesday, December 7, 2011

Wednesday Morning Update

Nothing much has changed since yesterday, we still have a support level at 1240 which might get tested today, and at this point I believe that will set up a buying opportunity, although I am not too optimistic about upside potential here, but it may be enough to squeeze a small profit. There isn;t much in the way of news,  but we do have a crude oil inventories report due today which might not affect the market, but should move crude oil. The leading sectors this morning are XLV and XLP, lagging are XLE and XLF. The Nasdaq and Russell 2000 are both lagging badly. Oil and gold are both down, treasury yields down and dropping.

I have 15 new highs so far, with breakouts in MIND and LNT. I was supposed to have a report from SFD, but they have not reported.I have nothing scheduled to report today.

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