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Weekly unemployment claims spike thanks to Hurricane Sandy.

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Weekly unemployment claims spike thanks to Hurricane Sandy. This effect will be reversed eventually. RSI for equities has reached oversold levels with the Relative Strength Index at 27.7. The approach to the fiscal cliff and the probability of draconian cuts unless a compromise os achieved is the main impediment for the stock market. Walmart earnings did little to budge the market. Yen continues to track lower on government stimulus ideas to pump the economy. API data on weekly oil demand out at 10:30 today. Short covering ahead of this release.