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Mr. Ice

Some midday optimism over a potential debt-ceiling deal produced an anticipated bounce but worries over the USA debt downgrade and the gridlock between Congress and Senate gave the bulls excuse to take profit into this first bounce.  European Debt crisis continues to simmer with the bond yields on the PIIGS continuing to rise.  It is increasingly likely no significant progress will be made before the weekend.  A weak GDP report tomorrow maybe all that is needed for us to test the 200 day moving average? And the Transportation Index is looking a bit toppy for the Dow Theorists out there.


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