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Wednesday, November 10, 2010

Wednesday, After the Bell!!!

I do not think Ben was expecting this, now the yields on the shorter term treasuries are turning up. Is QE2 discouraging buyers driving rates up, or are investors fleeing US Treasuries all together.
The 20 day MA has been important support for the duration of this rally, currently at 1192.05, and would be first support if the SPX breaks thru the lower channel line at the 1200 level.

The BKX is still with-in the last bearish fin fan, no where close to making higher highs as in the major indexes, I still believe that the Financials will be the leader on any significant sell-off because it has been the weakest sector during this current rally.

Todays sell-off reversed, working its way higher for the reminder of the day is most likely a "b" or 2nd wave up, much more corrective looking then impulsive, if so a test of the lower channel line should be in order, with any break below pushing the odds towards a 3rd wave down.
Breadth for the day closed at only 1.63:1, advancers, on good volume, 1.12B shares traded on the NYSE. Tomorrow could be interesting with the start of the G-20 meeting, but at the same time it is also a Federal holiday which should mean light volume for the rest of the week.
The FED announced it schedule this morning for POMO, the Tentative Outright Treasury Operation Schedule. Guess Ben was not satisfied with every other day for purchases, because now we have them every freaking trading day. At this rate, QE3 will be done on a hourly schedule next.

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