
On a longer term outlook, the markets will be paying close attention to the actions president Obama and his new administration take to restore confidence in the economy and US financial system. It is important to keep in mind that the markets will react based on the emotions of greed and fear by the consumer. We will wait for a break of the S/P 880 level before we take on a cautiously bullish stance and a breakdown of the 817 area to become increasingly bearish.
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