The gap between the Transports and Industrials closed a little last night. We have a significant line of resistance in the Transports, that of breached will be an extremely bullish development. I’d need to see that happen before getting too carried away with the expected Christmas rally. Also on a positive note the continuing decline of the US Dollar is not only sending Gold through the roof but also supporting equities. It appears the US Fed is quite happy to keep the currency dropping with its almost zero interest rate policies.
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Thu, Nov 26, 2009
US Commentary