- Technical Market Commentary -

December 9, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — Shares of Gannett, Inc. (GCI – NYSE) have been on a tear this past week, rising some 20% in only six trading days. Gannett shares broke above resistance at $13.00 per share last week, and then rallied after Warren Buffett named the company one of his ten best investments for 2011.

That six-day 20% gain may take some of the glow off of Buffett’s recommendation.

Intra-day on Wednesday, December 8, Gannett reached the 61.8% retracement resistance level, which is typically the do-or-die level for rallies, especially rallies based on emotions. A decisive close above $16.17 in coming days would point to a continued rally and a potential test of GCI’s April highs of over $18.00 per share. Conversely, A reversal or failure to continue the rally would likely result in declines and potentially a retest of the $13.00 level in coming weeks.

The FirstAlert(tm) “Money Index” is an indicator of the depth of market direction or indirection. While not always including the same stocks, the combined NYSE, AMEX and NASDAQ 25 most actives and combined NYSE, AMEX and NASDAQ greatest percentage losers and greatest percentage winners (weighted against pure monetary loss/gain) indicate the direction in which the mass of money is flowing, as well as the general focus of the market. Go to http://www.financialwire.net/2010/12/09/vol-ldr-rsrch-36/ for today’s NYSE-AMEX-NASDAQ summary.

The FirstAlert(tm) Morning Digest lists economics calendar events, earnings announcements, financial community conferences, company presentations and more. Go to http://www.financialwire.net/2010/12/09/fa-am-digest-45/ for today’s The FirstAlert(tm) Morning Digest summary.

(Go to http://www.financialwire.net/2010/05/01/about-kollar/ for more about Mr. Kollar, and go to http://www.financialwire.net/?s=kllrfby for more of Kollar’s commentaries.)

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