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Friday, December 17, 2010

Friday, After the close!!!

The SPX closed in the green, but without a strong looking impulsive wave up for the 3rd wave of 5 of 5. This opens up the option that the blue 4th wave might still be ongoing and this was only the "B" wave of the 4th, with a couple more days of sideways trading to wrap up this 4th, before the final thrust higher to finish off the complete wave that started back in the beginning of July. That mostly likely would leave the start of any serious sell-off until next year. It would also to worthwhile to mention that a 5th wave failure is always an option, especially with waves of this larger degree, something we have seen periodically during the "Hope" rally. Short-term the RSI is close to neutral, but the STO is topped out and ready to roll over to a sell, this does support the ongoing 4th wave option.
Breadth for the day closed at 1.26:1, advancers, but volume was up with over 2B shares traded on the NYSE, close to twice what volume has been running lately. This is consistent with today being OPEX though. Breadth readings for the majority of December have been smaller than normal with the 5 day MA about flat-lined at even, or 1:1.
The big mover of the day continued to be TNX and the 10 year treasure bond at the close with the yield closing at 3.34%. The Dollar also had a good day, and I will go into much more detail on this one over the week-end, mostly tomorrow morning.
On the Hindenburg Omen, the NYSE closed with 181 new 52 week highs, and 22 new lows, far outside the requirements needed for another signal. If the SPX does sell-off on Monday for the "C" of the 4th wave, odds would be high for another signal.

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