Thursday, November 10, 2005


Here is an hourly chart of pit trading in the December S&P futures.

I thought the market had started a breakout move Wednesday morning but this morning the bears decided to make one more stand. The subsequent reaction ended just a tad below the low of the last reactions and then the market moved decisively above the top of its box at 1224. I think 1246 will be reached today or tomorrow and that much higher prices will be seen by the end of the year.

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