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A general overview of last weeks action is a mixed one where the European and Australian markets really taking it on the chin, while the US equity markets breaking their supportive rising bottoms lines of the last (Fibonacci) 8 months. It should be noted that prices have moved "too far and too fast" and ahead of breadth at this juncture, so an eventual reset where prices fill this void, in the form of a snapback to their respective rising bottoms lines, should be expected over the next several weeks once we find a structural bottom to work from.

On the flip side, both the Bond CEF and Preferred A/D lines remain in favorable positions suggesting that liquidity remains ample for the longer term outlook. This would also include the REIT's where only a simple pull back to test its rising support line has been so far successful.

The gold complex remains out of sync, but considering the amount of capital that rushed to cover losing positions caused by both the Japanese and Middle East problems, remains structurally buoyant (so far) for the longer term outlook.

Should be some sort of a climatic week next week, so keep those seat belts handy!

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