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The overall market action yesterday was not good with the warning from FITCH about European bank losses. The bank stocks were a disaster and appear as though they are anticipating further problems in Europe.

Europe, of course, is on the minds of every trader to the point where it’s overshadowing all other thoughts on the market. As said earlier this week, “reality is slowly sinking into the markets.”

One of the big movers today is the gold market. This precious metal came under pressure from the get-go and may have further to go. We still believe that the longer term trend is positive for gold, however in the short-term we may see a pullback to the $1,700 level. Readers of this report will know that we were very suspicious about the $1,800 level as a psychological resistance zone.

It is turning out to be an important week for the market. The big day for us will be Friday. How this market closes at the end of the week will give us a blueprint for next week.

With continued rioting in Greece and the threat of social unrest in France and Italy these markets are teetering on shaky foundations.

Now, let’s go to the charts and the video and see how we can create and maintain your wealth in 2011.

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S&P 500 INDEX
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OUR VIEW: Watch the $1229 level today.
Combined Strength of Trend Score = -75

The key area we are watching today is $1229. A move and close below this area sets this market up to test major support at $1220. A 61.8% Fibonacci retracement can pull this market back to the $1160 area. The key level to look for this Friday will be a close below the $1218 level. With a Chart Analysis Score of -75, we could be emerging out of the current trading range and into a downtrend. Intermediate traders should be on the sidelines waiting for a new Trade Triangle short signal. Long-term traders should either be in cash or continue to hold short positions in this index.

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Monthly Trade Triangles for Long-Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short-Term Trends = Negative
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Suggested S&P 500 Trading Instruments:
Non Leveraged ETF’s: (Long SPY) (Short SH)
2 x Leveraged ETF’s: (Long SSO)(Short SDS)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity is some ETFs is very thin. Contact your broker for more information.

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SILVER (SPOT)
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OUR VIEW: Entering a bear market?
Combined Strength of Trend Score = -75

The spot silver market came under fresh pressure today and moved the Chart Analysis Score to a -75 reading. This could be the beginning of a bear market in silver. This market has key support at $31.00 and a break of that level will begin an acceleration to the downside. Generally speaking, the major trend for silver continues to be negative based on our monthly Trade Triangle and the intermediate Trade Triangle remains in conflict based. Long-term traders should continue to hold short positions in silver with appropriate stops.

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Monthly Trade Triangles for Long-Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trend = Positive
Daily Trade Triangles for Short-Term Trends = Negative
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Suggested SILVER Trading Instruments:
Non Leveraged ETF’s: (Long SLV) (Short the ETF SLV)
Leveraged ETF’s: (Long AGQ) (Short ZSL)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity is some ETFs is very thin. Contact your broker for more information.

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GOLD (SPOT)
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OUR VIEW: Trading Range
Combined Strength of Trend Score = +55

At the moment the $1800 level is an interim top for spot gold. Our long and intermediate Trade Triangles remains intact, however a Chart Analysis Score of +55 indicates that gold has now entered a trading range. Long-term, intermediate term traders should remain positive for this precious metal. Intermediate and long-term traders should maintain long positions with the appropriate money management stops in place.

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Monthly trade triangles for Long-term trends = Positive
weekly trade triangles for intermediate term trends = Positive
daily trade triangles for short-term trends = Negative
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Suggested GOLD Trading Instruments:
Non Leveraged ETF’s: (Long GLD) (Short the ETF GLD)
Leveraged ETF’s:(Long UGL) (Short GLL)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity is some ETFs is very thin. Contact your broker for more information.

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COPPER (DECEMBER)
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OUR VIEW: Getting ready to test $3.30
Combined Strength of Trend Score = -75

The copper market generally reflects economic conditions, and as such is influenced by equity prices. With a Chart Analysis Score of -75 this metal could be emerging from its trading range into a full blown bear market. Generally speaking, the major trend for this metal continue to be negative while the intermediate trend is in conflict with the longer-term negative trend. Long-term traders should continue to hold short positions in copper with appropriate stops.

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Monthly Trade Triangles for Long-Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short-Term Trends = Negative
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Suggested Copper Trading Instruments:
Non Leveraged ETF’s: (Long JJC)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity is some ETFs is very thin. Contact your broker for more information.

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CRUDE OIL (DECEMBER)
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OUR VIEW: To early to say this market has topped out
Combined Strength of Trend Score = +90

The December crude oil market reversed today from its recent highs, however it is still too early to see that this is a top. It certainly feels like one, however we need to have more indicators to confirm that suspicion. At the present time all of our Trade Triangles remain positive, which is the direction of the major trend. Next level of resistance is the $105 level. Long-term, Intermediate term and short term traders should all be long this market with appropriate money management stops.

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Monthly Trade Triangles for Long-Term Trends = Positive
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short-Term Trends = Positive
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Suggested Trading Instruments:
Non Leveraged ETF’s: (Long USO) (Short the ETF USO)
Leveraged ETF’s: (Long UCO) (Short DTO)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity is some ETFs is very thin. Contact your broker for more information.

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DOLLAR INDEX
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OUR VIEW: Near-term resistance at $78.50
Combined Strength of Trend Score = +100

We still like the long side of dollar index, however it is having some problems around the $78.50 level which is providing a near-term resistance. We still believe we’ll see this market traded as high as the $79.528 level and want to hold on to all long positions as our Trade Triangle technology continues to point to higher levels. All of our Trade Triangles are in positive mode indicating that this market remains in strong hands. Long-Term and intermediate term traders should maintain long positions with the appropriate stops in place.

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Monthly Trade Triangles for Long-Term Trends = Positive
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short-Term Trends = Positive
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Suggested DOLLAR INDEX Trading Instruments:
Non Leveraged ETF’s: (Long UUP) (Short UDN)
Leveraged ETF’s: (Long) (Short)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity is some ETFs is very thin. Contact your broker for more information.

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REUTERS/JEFFERIES CRB COMMODITY INDEX
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OUR VIEW: Trading Range
Combined Strength of Trend Score = -75

The near-term resistance zone around the $323 level was enough to turn this market back down today. It is going to be very interesting to see how this market closes for the week. A close below $317.92 would be the lowest close in 10 days for this index. Resistance is evident at the $325 level and support comes in around the $315 area. Look for these levels to contain the market for the balance of the week. Our longer-term Trade Triangle remains negative for this index. Intermediate term traders should be on the sidelines. Long-Term traders should maintain short positions with the appropriate money management stops in place.

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Monthly Trade Triangles for Long-Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short-Term Trends = Negative
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Suggested REUTERS/JEFFERIES CRB COMMODITY INDEX Trading Instruments:
Non Leveraged ETF’s: (Long CRBQ) (Short the ETF CRBQ)
Leveraged ETF’s: (Long) (Short CMD)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity is some ETFs is very thin. Contact your broker for more information.

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HOW TO USE THE MARKETCLUB SCORING SYSTEM:
Chart Analysis Score: 50 – 65 Trading Range
Chart Analysis Score: 70 – 80 Emerging Trend
Chart Analysis Score: 85 – 100 Strong Trend

[Ed. Note: Adam Hewison is the president, chief executive officer, and a founder of INO.com, Inc. He is also the author of two highly-acclaimed guides to the forex markets: International Monetary Report and Right on the Money, the Definitive Guide to Forecasting Foreign Exchange Rates. Sign up for his FREE email Trading Course by clicking here now.]

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