Market closed in positive territory today, but lost most of its gain in the morning due to rise in oil. Many refiners lost some production capacity due to lack of power and the results is lost of over 1 million barrels per day. Consumer spending will probably be down because of higher energy cost in area of home heating and gasoline. The president has even urged us to conserve energy. If we stayed home and not go out to spend money then the retailers are going to suffer in the short term. Overall I’m still bearish on the market.

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