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But as we have seen in the past, we should never underestimate the underlying power of this advance, so let's continue to look for any near term surprises toward that of the bullish persuasion.
Another good week for the bulls as the major market averages were up another 1 1/2% on average, with the Dow, OEX and SPX extending their current weekly winning streaks to six. Looking at the chart array this week and we see that we didn't see new pattern highs in any of the money flow lines with the exception of the NYSE Common Only advance/decline line which settled at new all time highs. It will be important for the buyers to keep the pressure on early next week to at least produce new high points in these same A/D lines or we're likely to see a pullback in all of the major market indices in order to attempt to reset the current sequence of leadership. The Precious Metals and XAU advance/decline lines had another ho hum week though we're again starting to see weakness in the Aussie advance/decline line as it perceptively broke below its current uptrend line shown on the chart. With Canada's Venture Composite internals also showing recent weakness in their structures (see cumulative charts), this might be indicating that we're on the doorstep of a breakdown in the precious metals markets in what could be its final capitulation to our long standing downside target of $1156 in the price of spot gold. Stay tuned. Other than that, there's not much more to report that hasn't already been reviewed over the last couple of weeks, with the buyers remaining in control of the action on an intermediate term basis. The rest of November, therefore, should continue to show a bullish bias in equity trading patterns overall. However, any new highs that we may see in the A/D lines, and especially in the McClellan Summation Index' near term, should then provide enough of a boost to extend this current advancing price sequence into the end of the 2013. Have a great week of trading! US Equity Markets : US Interest Rates : US Real Estate : Precious Metals: Australia: England: Germany: __________________ Dave's LinkedIn Profile Technical Watch Twitter Page Technical Watch Facebook Page "As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan "An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan "What we see depends mainly on what we look for" - John Lubbock "The eye sees only what the mind is ready to comprehend" - Henri Bergson “Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977 "You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977