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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (48843)	12/5/2012 10:33:30 PM
From: Johnny Canuck	1 Recommendation Read Replies (1) \| Respond to of 71088

Indices remain sensitive to news on the fiscal cliff so traditional trading patterns are not applicable. This is a difficult type of market to trade and one day moves in reaction to specific news is possible. Despite the wide range on the day the SP500 ended up closing close to the open and just barely up on the day. SP500 still in a short and intermediate down trend. Got a counter rally on the DOW. Near term the DOW is turning neutral while the intermediate term is still down. No reason to get on the long side just yet. Dow transport counter rallying after rolling over and setting a lower high. A negative bias has set into this index. COMPQ continuing to under perform the other indices. A re-test of the 200 day SMA failed and the index is back to a major sell signal. It is still too soon to bargain hunt in this sector as it looks like the index will re-test the recent low. Russell 2000 stuck in a neutral stance as the current rally appears to be stalling at the 50% re-tracement level. Financials barely breaking out the consoldiation pattern of the last week. There is a lack of conviction in this move due to the range barely being broken and the lack of above average volume. Energy transitioning into a longer term sideways pattern. Gold still on the intermediate sell signal. Gold in a longer term sideways pattern. Natural gas stopping short of generating a intermediate term sell signal. The intermediate up trend remains intact.