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Thursday, January 3rd, 2012 - Short Comment

|Includes: DIA, QQQ, SPDR S&P 500 Trust ETF (SPY)

Today's Comment:

Most of the indexes finished in the red, though only marginally so. The Transport index continued to gain (close to new highs too, paying close attention to this). In terms of a high probability trade, I still don't see much in the way of a good risk/reward setup, though that could easily change in the next couple of days.

After such a strong thrust, seeing no follow through today makes one wonder if all the buyers left in this market bought yesterday. But that's conjecture, and what I trade is a strong consensus in the indicators I follow, and familiar pattern setup. Right now I don't really see either. The market had been falling several days in a row before the two huge up days, so most indicators are just in the Luke warm range. Wake me up when they're overheating. Back to the waiting game.

Full update tomorrow.

Stay frosty people,

-Bill L.