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Tuesday, December 21, 2010

Tuesday Updates!!!

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The SPX popped up over resistance of the upper gray channel line this morning, if this holds then the on-going 4th(blue) wave is off of the table and the SPX is working on the final 5th wave. The RSI is also approaching over-bought territory and should diverge and not make a higher high. If this is part of the 5th wave, with the shape of the squiggles I am suspecting an Ending Diagonal is playing out because of the over-lapping waves and the wedgie look of the structure. The USD and the precious Metals this morning are flat in price and the VIX is down slightly0.61%, a boring morning except for POMO, which once again will have two sessions today for close to another $10 Billion, this is getting crazy, the amount of Money being used to buy our own debt. ZeroHedge had a figure yesterday that we have reached the $1T mark now.

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