Tiffany sales of $20,000 rings is getting the market a little too excited if you ask me. You know we are treading water if the market rallies on ultra luxury items for the few and decides to ignore the masses that are only buying discounted goods with low profit margins. Furthermore, gasoline is about to move higher as oil tops 62.50. Just in time for Christmas. This rally is mainly due to end of month moves and short covering. I would keep on trading it, not holding it. Bulls can regain full control above SPX 1400, but we are not there yet. Watch ES 1403, last week's close.
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on Wednesday, November 29, 2006 at 11/29/2006 03:46:00 PM.
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