That could be a bounce spot on XLF, maybe not, I think much depends on how they treat Europe this coming week and the banks over there. They’ve pummeled EWP and STD the last few weeks, so is it over or not? Probably not. Portugal and Spain remain the hot topic.
The SPX continues to bounce along the 50 day moving average, so any kind of good news should pop it higher, on the other side of the equation, any bad knows could knock the legs out from under it and start a move to lower levels, to the 1140–1150 level and a Santa Clause rally is up for grabs at this point.
I hope everyone had a great Thanksgiving. I think I just saw a stretch mark on my twelve pack abs.
Enjoy the links
Peak oil was.
Rescue threatens Germany.
Portugal denies, so did Ireland and Greece.
Europe and the ‘Day of Reckoning’
Sheila Bair say the next crisis is here.
Gold’s head & shoulders, expect a lot of chatter on this next week.
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