Abet Chichi2

[DiscoverGold]

“I‘ll Be Back”
By Jeffrey Saut

* Monday, November 19, 2012


The call for this week: Obviously, I am back from Europe and y’all have done a pretty poor job of holding the markets together in my two-week absence. Indeed, since the election the SPX has lost 6.28% from its intraday high to last Friday’s intraday low. The biggest losing sectors over that timeframe have been Energy (-6.2%), Financials (-5.9%), and Technology (-5.9%). Given the President’s views on energy and banks the weakness in those two sectors should not come as a surprise. Still, I think the surprise is going to be a more cooperative environment from our leaders going forward. And, maybe that is what the stock market sniffed out last Friday with its intraday upside reversal on heavy volume. If the SPX can travel above 1362 it may be able to recapture the 1390 level that I have deemed to be critical. However, until that happens I am going to err on the side of caution.



http://www.raymondjames.com/inv_strat.htm

George.

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