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Quit Trying to Sell This Market!!!
Despite China raising there bank reserve requirement overnight and antigovernment demonstrations in the Middle East, the SP EMINI market posted new highs. The US market felt a little heat overnight when the Bank of China made the announcement but good earnings from Caterpillar (CAT) and other corporate news pushed the market higher. Today the volume was light with this move higher and the VIX is gradually growing. A higher VIX means the “fear gauge” is building up at these levels especially going into a 3 day weekend. Some commodities were BIG winners today Silver (31-year high) and Crude Oil. Weekly Trading Zones (WTZ) which are published for “members only” on Sunday night came in at 1340/1341 on the top end today and 1334/1335 on the bottom end.
Between the Lines