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The E-Mini S&P 500 backed off the highs of Tuesday ($1369.50) possibly on second thoughts of the Euro debt crisis and how it may affect the US recovery. US Existing Home Sales report showed an increase of 4.3 % to 4.57 million units last month, the highest it has been since May of 2010. It may be attributed to warmer weather this winter or a signal that the bottom is in. Another possibility, although perhaps not widely done or publicized may be the bulldozing of foreclosed homes to keep the neighborhood values up and reduce the inventories of homes in the marketplace.
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