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fib_1618

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Prices on the DJIA, OEX, SPX and COMPQ also broke out above their 50% retracement levels from their May price highs to their October lows along with closing above their 200 day EMA's, but there are still some of the more broadly based averages, most notably the NYA, that have yet to fulfill these same technical chart structures.

The positive news out of the European Union on Thursday was able to pull the rest of the major market averages above the resistance areas mentioned above, and the general market is once again running on all cylinders to the upside.

Of special note this week comes with the precious metals stocks that saw their best internal action in quite some time, and the NYSE Bond CEF and preferred advance/decline lines that continue to push further into all time high territory.

In summary, current market dynamics continue to suggest that an important price bottom was seen at the beginning of October, with the NYSE breadth McClellan Summation Index now indicating that there's a better than even chance that we will continue to see higher prices overall well into the beginning of next year.

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