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December 14, 2012  Fri 1:16 AM CT

XLY: SEE CHART GET CHAIN FIND STRATEGIES
Today's economic calendar is uneventful, with two relatively unimportant events scheduled.

The Bureau of Labor Statistics will release the November consumer price index at 8:30 a.m. ET. Inflation hasn't been a worry for investors recently and is unlikely to affect broader market sentiment.

Economists anticipate that prices overall will decline by 0.2 percent versus a 0.1 percent gain in October. The so-called core reading, which excludes food and energy, is expected to rise about 0.4 percent.

The Federal Reserve will report industrial production at 9:15 a.m. ET, but activity levels for November are already known from previous reports. Forecasters expect growth of about 0.4 percent.

The biggest news may actually occur well before the market opens when China's HSBC flash PMI manufacturing index is released overnight. The data could affect trading this morning, especially in commodities.
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Timing the Trade

Both break outs and a break downs need to have a couple things happen before it is considered a confirmed break out or break down by technical definition!  The only problem is that in today's market where things move much more quicker than they did just a few years ago, two days could wind up being the majority of the expected movement, if not the whole movement.

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