Though the markets closed with minor corrections on Friday, the major trends are still expected to continue. Right now, the markets are around important accumulation and distribution zones, where there are struggles between bulls and bears. Breaks above and below those zones would determine what prices would do next.

Since Monday, the markets have been in equilibrium phases. Right now, there are potential corrections and pullbacks on the charts; developments that would enable new orders at important price levels. The major biases are still intact.  

How was everyone's holiday weekend?

Mine was mostly o.k.--had a turkey from an unknown company that Wal-Mart was touting for a cheap enough price and it tasted very good.

Anyways, I am thankful for my health and hoping that the final 12 days Congress is in session will turn out to be great news come 2013.

Last week was bullish, and this week is expected to continue to be so; unless some drastic fundamentals boost the stamina of the Yen and the Greenback. There could be some temporary corrections before the prices move up according to the prevailing trends.  

 Essentially, the kind of the market biases that were started last week have held out till now. This shows that the new speculation opportunities that are seen on the charts are valid. Bulls are gaining back their  strength.

Mixed bag of news on this last full Friday of trading for November (keep in mind, only a half day of trading to take place immediately after the Thanksgiving holiday this coming Thursday).

The Dow Jones gained some traction in the final 70 minutes of trading, finishing up 45 points.  The S&P and Nasdaq also finished up slightly, but all 3 indeces were down again for the fourth straight week--the longest such streak since George W. Bush was in office during summer 2008.

As mentioned in the headline, Hostess and their iconic brands of snack foods from Twinkies, Ho-Ho's, Sno Cones, and Cup Cakes has suspended production at all of their plants after the union failed to agree on a new deal for the 18,500 plus workers.

 This week has featured trend reversals and continuations in some cases. In the cases of reversals, their confirmation would be established further, should the same scenario continues today. More signals have been generated essentially.

There are now serious reversals in the present market biases, while near-term resistance levels are being tested by the pairs and crosses. This would result in opportunities to sell these short-term rallies, because the major biases still hold.   

 Most currency pairs and crosses have continued their general weakness. It seems there is no end in sight for this scenario, because the scenario could continue for the rest of today. The Greenback is currently strong.

The markets conditions this week have been intriguing so far. There were corrections that gave speculators nice opportunities to enter at better prices. There could be more corrections today, as profit-taking activities would be effected.