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| Despite all the troubles in Europe the Stoxx made a new 2012 high last week. Color me impressed. |
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| The S&P 500 is trying to follow suit but there’s significant resistance still overhead. |
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| Lumber, driven by the strength in housing, is a major bright spot in commodities. |
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| The banks have broken out above resistance but… |
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| I won’t be convinced until they break out of this triangle pattern. |
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| Same goes for the small caps. |
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| And the VIX is bumping into the bottom of it’s recent range suggesting a pullback for stocks may be in order. |
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| Finally, Dr. Copper (PhD in economics) doesn’t look too bullish. We’ll need to see him get going to validate any optimistic economic hypothesis. |