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Friday
Nov232012

Back to Neutral

Today's sharp rally for the S&P 500 has pushed it back above oversold territory for the first time since election day on November 6th.  As shown below, last week at this time, the S&P 500 and all ten sectors were oversold.  Now just one sector remains oversold -- Utilities.  A big push into the close today even moved two sectors -- Consumer Discretionary and Consumer Staples -- back above their 50-day moving averages (the black vertical line).  Talk about a Thanksgiving rally!

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