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Friday, August 7, 2009

10 SPX points in 9 days - Not impressed

10 lousy SPX points in 9 (correction heh) days! Keeping things in perspective, you can clearly see this on a chart. Yet if your bearish, you feel pretty darned squeezed!

Why? because the 10 minute RSI has yet to hit 30 since the 869 low and no gap fills, no bearish pullback! You are getting shaken , yet are we really in a wave 3 of some kind? I don't think so. Yet the net effect is wearing on the shorts.

Yes of course today we had a pop, but it might be an expanding triangle which means if your a bear and you finally turn bullish, hey guess what? Your gonna get smacked down with a hard (e) wave move. Isn't it the way its supposed to work in the market?

10 points in 9 days = I'm not impressed. Pop today? Fizzled and did not finish anywhere near the high of day. Nasdaq never even made a new high. Fractured market.

Pointing down for Monday.

Still Bearish.
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