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Feb 19

The Market Today

2/19/2012

Yes, it is Sunday night, and no official news on Greece, hopefully tomorrow. Everything must look good, the S&P 500 futures are already up 8 points, and the market does not open until Tuesday. Oil is over $105 a barrel, up almost $2 from Friday’s close! China’s central bank cut the reserve requirement, to help bolster their exports. They feel nervous about their economy..especially, after property prices have either leveled, or declined in 70 of their largest cities. If China slows, the world will surely follow. In the mean time, should the futures market open like it is indicating right now, we will hit the 1370 resistance on the S&P, and finally break the 13,000 on the Dow Industrials. If your confidence is growing, great, stay long. I still advocate taking profits, or at least, keeping tight stops. I feel the market is pricing in Greece being taken care of, at least for the next month! Due to oil moving as strong as it is, keep on eye on DVN and BHI. Other opportunities that have caught my eye, GAZ, the natural gas ETF. Silver is at a crossroads. The chart shows the next move to be strong, up or down. It looks to me as if that next move is up! A break above $33.50, indicates a move to about $43, then $48.5! Stay tuned!!

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