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Monday, December 27, 2010

Monday Updates!!!

The short-term 2 year Treasury Note is taking a beating this morning making lower lows, and pushing the yield up to .73%. Longer term Treasuries are not selling off at near the pace that short-term Treasuries are. BTW, this is a chart with the Trendfinder overlay.
Municipal Bonds are still confined to the bearish channel, although the RSI has diverged from the price action by making its low in mid November, while the MUNI's made its low in mid-December, normally that is a sign of a bottom of some sort being out in, odds therefore are for the MUNI's to breakout of this down channel.
Click here for a live, and updated chart!!!
7:51, The SPX is sitting right on top of the shortest-term Fib fan line of support, if this does not hold, next support is down in the 1225 area.
Here is an optional count, which would account for the corrective nature of today's sell-off, another set of 3-4's. I am not really happy with this option because it makes the larger degree 3-4 combo in red short in terms of time, and takes away the flat look of it, making it look like a sharp correction, something that is more reminiscent of a 2nd wave. Click here for a live, and updated chart!!!
7:22, The SPX has broke out of the black channel, but the squiggles on the sell-off look much more corrective then impulsive so there is a big question mark for this 5th.
7:11, The VIX opened with a large gap up, made a higher high, and tagged the 20 day MA, the good news, the indicators have rolled over to a buy, the bad, that large gap will want to be filled. The Trendfinder has also flash a buy signal, but that will not be confirmed until the close.

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