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The Wilderhill Clean Energy Index continues to improve, looking to build on its recentbottom near 180. See our energy section for new green energy picks.
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Crude oil prices broke below the $58-$60 area. A rally above $62 would reverse the shortterm down trend.
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The Philadelphia Oil Service Index (OSX) is still struggling at 200, its recent line inthe sand.
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The Amex Oil Index (XOI) has held above 1100, but is increasingly weak.
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Technical Summary
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Holiday Mood Could Get Sloppy
The stock market has the look of a tired runner. More specifically, it has the look of arunner who has won a big race and is having a hard time getting motivated to train for hisnext race.
Thus, we would expect volume to continue to shrink and for the yawn level to rise to acrescendo over the next few days. This, is not a sign that the rally is over, though, asthere is still plenty of positive technical evidence out there.
The S & P 500 closed above 1400, but the market is short term overbought and due for arest.
But momentum is intact, as new highs have recently registered on the Dow Industrials, theNasdaq, and the Nasdaq 100.
Other signs are still positive such as the NYSE advance decline line and the number ofstocks making 52 week highs.
Growth stocks are getting their mojo back, but value stocks are still acting well. And thesmall stocks, although they have weakened in the last few days, have also rallied of late.
Volume and breadth have remained quite positive, though, and again the technology stockshave assumed a leadership role.
What To Do Now
The trend is clearly up. Focus on strength as well as turnaround stories in both sectorsand stocks. Visit our individual stock sections for details.
The rotation into technology and out of energy continues. If there is a Santa Claus rally,it could be led by tech.
We have added several new recommendations to all our portfolios, with emphasis ontechnology, as well as energy, and biotech.
Weak stocks should still be sold, and strong stocks should be monitored for growing signsof weakness.
We have also added new positions to our Fallen Angels portfolio.
Check all our sections daily. See tech, biotech, Fallen Angels, and timing systems forthe latest adjustments. Our ETF trading systems for energy, Spyders, Small Caps, andtechnology have also been updated.
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