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Pullbacks should prove minimal

Minor Equity weakness happening globally this am, with US futures down around 0.30%, most of Europe down 1% and Asia finished lower by roughly a similar amount with HSCEI, KOSPI, TWSE all down more than 1% while NKY finished fractionally positive-  Crude and Gold also weakening this am with Dollar also lower v Pound sterling -0.80%  - Global sovereign yields meanwhile continuing to rise across most of the Globe- with bund yields over -.30 bps, UK Gilts up 1% to 1.35-  Overall the move in the last couple days has taken Equities to nearterm overbought levels but yet still no meaningful signs that pullbacks should happen right away, as most indices remain above prior days lows, & for S&P 2147.7 will be important for today as under leads down to 2122 into early next week-  The NASDAQ also will be key area of focus given that its failed to keep up with DJIA, SPX of late and has given back 61.8% of prior rally from Election night into yesterday afternoon-  For now, more signs of stabilization here in the last 12 hours which argues more for stabilization and rally than any sort of retest-   The Breakouts in XLI and XLF will be important, as most of these have gotten stretched, so potentially we could see some switch with these sectors stalling and giving back some gains, while Tech and Healthcare and Discretionary gain ground-  The price action in the Retail space if anything in the last couple days is encouraging for XRT, XLY and we're entering a strong time of outperformance for Retail stocks-  For US equities.  this minor pullback should translate into a buying oppty but first support not until 2147-9 while on the upside-  pivot area lies at 2165-  Key gainers this am: PTCT, NVDA CWH, and JWN while on downside- JCP, PLAB, KORS, ACIA, AFSI, DDS-  Let me know if you have any questions