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Market Commentary for October 17, 2011

Markets retrace off the intra day highs of today.The Spx opened strongly and traded to 1224, before falling back to 1200, falling 1.9% for the day.The fears that Germany's chancellor Merkel might not be able to get supportfor a comprehensive plan to help out the Euro and European banks. The Oct.23rd conference is viewed as a critical time frame to have a plan in placeto present to the world . Domestically , the New York manufacturing indexshrunk more than expected and 10year treasuries rose, dropping yields by9Bps to 2.16 yield.