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Tuesday, May 24, 2011

Stocks fail to find their footing

Stocks opened slightly higher this morning, after Asian and European markets rebounded overnight, driven higher by gains in commodities and commodity-based equities.  However, U.S. markets have faded as the trading sessions has unfolded, with the Dow now down 10 or so.

More importantly and on a technical basis, stocks have broken short-term support and are definitely trending down.  I am watching 1,250 on the S&P 500, which is a key support level.  if we break that level, we should trade significantly lower.

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