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[Master Che]

1/11/12 Closing Comments: ESH11: First impression is that the pullback from 1289.50 has been voided; the pullback needed to reach 1286.50 to simply qualify as a potential pullback; clearly taking out 1284.50 is the confirmation as such; it’s still quite early because it MUST still take out 1289.75 and highly probable we pullback again at the 1289.75/1290.00 level; the 1289.50/1290.00 level is profoundly pivotal, meaning it either pullsback here and again attempts to reach the key support pivot at 1275.25/1275.75 and take it out (opening the door to 1245ish (no lower) or it continues straight up to 1296.25. I’m surprised we failed to reach 1286.75 on the pullback; still early Today BAC and INTC pulled the market up by the collar We’re still quite far away from any potential blow-off or bear capitulation; 1312.00 is the blow off level (parabolic – 1375ish)