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Although financials reversed into the close along with the S&P 500, our position in the Direxion Financial Bull 3x ($FAS) from a Nov. 14 entry at 78.70 remains in good shape. Like the S&P 500, a short-term pullback should find support at the rising 10-day MA. The 20-day EMA is sitting at 85.76, which means that its already above the highs of the last base at 80.58. It’s a bullish sign whenever a major moving average climbs above our entry point in a trade, as there is more support to defend our entry, which in turn allows us to be more patient with the action.

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Per our holiday schedule, today’s report will be an abbreviated version with no commentary. We have updated the excel graphics of the watchlist and open positions section above. Please note that we have two new buy setups on the stock watchlist in $MDCO and $BLMN. $MDCO is a buy limit order (not a buy stop), which means we are buying on weakness IF the price falls to our trigger.

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The daily chart show the price action breaking above the short-term downtrend line last Friday, and pulling back to that line this week, which we call testing the backside of a downtrend line. A breakout above the current range highs could potential lead to a breakout above all-time highs at 26.90 from 2008. Our detailed entry, stop, and target prices are listed in today’s watchlist above.

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