As long as SPY can remain above 205 the S&P 500 can rally. Below this targets 201 and below that would be a concern. The monthly Fred’s Price Oscillator on oil is suggesting December should be a strong month for oil, maybe the strongest month since August, but the move may start later in the month. We believe the “elephant in the room” as far as stocks are concerned is the spectre of commodity deflation brought on by a slowing economy in China.
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