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Monday, November 07, 2011

Time to look at the weekly charts and a couple of things to point out. One is that the mlp index has been moving pretty much sideways and on a weekly basis does look a bit toppy. The issue is what is out there to cause it to drop. Essentially there are 2. 1 is a full meltdown of the credit markets and 2 is the tax issue. The tax issue will not see the light of day as long as Chuck Schumer is around. As to the first..that's out there as the European crime scene and so far the can keeps getting kicked down the road. I wonder when will markets simply run out of patience.

I would also point out that the Dow chart is still on a buy signal on a weekly basis and the moving averages are still bullish. The August-September decline has still not turned the weekly chart bearish. Dow now down a whopping 15 points and the mlp index is down 1.63.

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