Tuesday, February 03, 2009

Technical Picture - Afternoon Bounce

After testing yesterday's highs in the morning, we managed to break through and close higher in the afternoon. Still, there's a lot of resistance overhead. As we await the all important jobs data on Friday, I expect limited upside.

Biotechs have carved out a solid base, let's see if the sector can breakout and hold.

$USD looks weak. If it breaks we could see some commodity sectors get a bounce.

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