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Be on the Lookout for a 'W'

Expect a bounce that would come back down again to begin the second 'V' and line up for a proper oversold reading next week.

The latest edition of TheStreet.com Top Stocks is now available.

This issue of the newsletter notes that support on the S&P 500 currently exists in the 1180-to-1185 area, and resistance is clearly 1200. In addition, a new idea, today's indicator, updates on previous picks and reader feedback on three stocks.