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This morning, the S&P 500 Index e-mini futures (ES Z1) are trading lower by 4.00 points to 1242.00 per contract. It is often very common to see a small retrace or a pause day after a large price advance like we saw yesterday. Remember, markets do not go up or down in a straight line, they will usually pause, or consolidate before resuming moves in either direction. The European markets are also trading flat this morning, this tells us that investors are betting that the central banks around the world are going to keep liquidity in the system in the near term. Yesterday's rally was explosive to the upside, however, it was entirely due to the central bank intervention. That tells us that there is still major problems in the European Union and this just might be be a band-aid solution for severe internal bleeding. We shall see. Many of the leading retail stocks are out reporting their November same store sales. Stocks such as JC Penny Company Inc (NYSE:JCP), and The Gap Inc (NYSE:GPS) both reported disappointing sales numbers. These stocks could be under early selling pressure at the open. Other leading retail stocks such as Nordstrom Inc (NYSE:JNW), and The TJX Companies Inc (NYSE:TJX) both reported better than expected sales for November. These stocks could be strong at the open. It will be a mixed bag of tricks for many of the leading retail stocks so it is important to follow the charts closely.