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Friday, November 27, 2009

Black Friday

The original "Black Friday" occurred in 1869 when a couple of rogue speculators tried to corner the market on the New York Gold Exchange, triggering a financial panic and an ensuing scandal. In modern times, it has referred to the Friday following Thanksgiving when scads of shoppers traditionally swarm the stores on the biggest sale day of the year, supposedly moving retailers into the "black" and profitability. This year, early indications may be a little closer to the former designation than the latter, with global markets plunging over the holiday as news that Dubai needs to delay its debt repayment hit the airwaves. U.S. investors awakened to sharply lower futures, suggesting the long-awaited correction has at last arrived.

The /ES had formed a large head & shoulders-like pattern over the past 20 days, with clearly defined neckline support. The support was easily sliced through overnight, but was being tested as new resistance in a pre-market bounce.

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