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November 8, 2012  Thu 1:47 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Weekly jobless claims are the main U.S. economic report today, though events in Europe remain important.

The number of people seeking jobless benefits for the first time will be released at 8:30 a.m. ET. Economists predict an increase to 370,000 from 363,000 last week. A bigger number could hurt investor confidence, while a smaller one would be considered evidence of an improving labor market.

Greece is at the center of attention, with lawmakers struggling to pass budget cuts needed for the debt-laden country to receive a bailout. A failure of the vote, which is to take place overnight before the market opens, would likely hurt confidence and cause investors to flee risky assets even further.

Also this morning, the European Central Bank will announce monetary policy, followed by a press conference one hour before U.S. trading begins.
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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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