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Ten percent-plus unemployment be damned, the S&P500 (SPY) finished the week up +3.4% for its first positive performance in a number of weeks.  While the back-to-back plus days last week were most impressive, several indices are already beginning to look overstretched to the upside.  Certainly traders are pondering this weekend whether Friday’s flattish trade was more bullish consolidation, or a 62%-Fibonacci, 20-day moving average resistance line setting us up for at least a brief reversal.

Week Forty-Six of 2009 features a slower reporting calendar:

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