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Lei Hand
The Week Ahead: Will the Supercommittee Sink the Markets? (Forbes)
It could be a couple of weeks until we know the true effect of the latest US
debt debate in the markets, but there are still no clear signs that a year-end
rally has been written off, writes MoneyShow.com senior editor Tom Aspray.
Stocks had a pretty rough week. Fitch's warning about the risks that US
lenders could face if the Euro debt contagion spreads shocked the markets
before the close on Wednesday. The selling continued on Thursday, but stocks
traded in a narrow range on Friday and the close was mixed. The financial
sector came under further pressure after the report, as the Select Sector SPDR
Financial (XLF) finished the week 9% lower. As I discussed in "Stick with
'Green Light' Sectors", the weekly relative performance, or RS analysis
continues to suggest that this sector is underperforming the S&P 500. This
will make the pre-Thanksgiving trading more important, because the major
market averages are approaching more important technical support. The focus
last week was once again on the Euro debt crisis, but yields on the widely
watched Italian and Spanish bonds eased Friday on further purchases by the
European Central Bank (ECB). It is ...
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