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Tuesday, November 2, 2010

Tuesday, After the Close!!!

The Canary from the coal mine is still in ICU with a very weak pulse, rumors have it Dr. Kevorkian is now flying in to provide assistance. I hope Mr. Canary has his last will and testament completed, as things are very dicey now.
BKX did print another red candle beneath the final level of support. If it can not recapture that line ASAP, it will be turn to resistance, leaving the only longer-term fan, a bearish one.
Today felt like the calm before the storm, with not much happening for reports, releases, or the FED pouring billions into the system thru TIPS and Treasuries. Tomorrow, a totally different story with election results and the FOMC announcements where we find out how much QE2 is going to cost us taxpayers. Things could get VERY interesting as investors and traders position themselves through-out the day. My guess, high volatility with a large 20-30 point trading range where any break of the lower channel line would push equities over the breaking point and increase the likelihood of a large, cascading sell-off. It will be interesting to see how the futures, and over-seas markets handles early election results that could open the door to a large gap up/down open.
Breadth for the day was actually pretty good, at 2.89:1 advancers, but volume was really low, negating the positive effects of the breadth. The NYSE had only 912M shares traded as volume numbers continue to decline over the past couple of weeks. If volume were over the 1.2T mark, it would of been a nice bullish development.
Tomorrow, the most important thing the watch for would be the SPX starting to make lower lows.
Hopefully here soon we can get some decent squiggles that can be counted with a reasonable degree of reliability.

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