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This past week provided a much needed pause in the uptrend that began on October 4th with many breadth and price patterns fulfilling simple snapbacks and/or technical retests of their current pattern structures.

Aside from the NYSE Bond CEF and Preferred advance/decline lines both closing again at all time high levels on Friday, the bigger news this week comes with the precious metals arena where the XAU advance/decline line was able to push to 14 year highs, while the broader based PM advance/decline line is on the verge of breaking out to new 3 year recovery highs! With the worldwide monetary background continuing to be highly accommodative with both Australia and Europe reducing rates this past week, along with current sentiment for gold and silver showing very little interest, this is one sector that might be worth a look/see as to its short term upside potential. Another area of short term interest comes with the commodities market, especially in the oil sector, where we're very likely to see the beginning of a sharp advance as the 4 month echo of gold's advance from the $1500 level to the $1900 level is about to be felt.

Overall, steady as she goes as we look for new yearly price highs in equities, in general, over the next several weeks.

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