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Mario On The Markets: China's FXI Makes The Upside Break Above Resistance at 42

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Along with the weak yet genuinely bullish rally, the FXI and other Asian market indicators had been lagging, yet the FXI did quite decisively break the key resistance area at 42 to the upside during this past couple of days. The direction of the markets for the coming week is riding greatly on the employment report tomorrow. While ADP’s report yesterday was worse than expected, there’s simply no way to know what tomorrow’s report will bring. With the market so overbought at this time, it is possible that trader’s will sell the news to lock in profits. If you have long positions in the market, protect your profits with stop loss orders on those positions. We have exited our FXI short position to stand aside with a small loss. We continue to remind that a sharp, volatile pullback to support has a very high probability of occurring…

Cheers, Mario
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On another note, its nice to see below on the newswire, Treasury Secretary Geithner publicly acknowledging the calamitous destruction of the American dream by the greedy bankers:

WASHINGTON ? Treasury Secretary Timothy Geithner said Thursday it’s “deeply unfair” that some financial institutions that got taxpayer-paid bailouts are emerging in better shape from the recession than millions of ordinary Americans.

He acknowledged public outrage over that and said people watched with disdain as Washington protected high-risk banks and investment houses, even as the national unemployment rate was soaring to double-digit levels for the first time in a generation.

We’re still watching with disdain Timmy…

Read the original story at Mario Cavolo



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