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Our second holiday shortened week left the S&P 500 (SPY) lower by -0.5%, although Emerging Markets (EEM) managed to finish higher by +1.8%. Just as last week the vast majority of tracked equity ETFs had reached extreme short-term overbought readings, the late Thursday sell-off left equities at the opposite extreme. Normally I would look for follow through on that move, but with volume as light as it was and coming into the beginning of the month, we'll just have to see.
Meanwhile, the first trading week of 2010 features the following busy economic calendar, including the big monthly jobs report, and rotation model selections (a new feature for 2010!):
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