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Thursday, June 10, 2010


Futures are up pretty good.  Retraced 50% of the decline from yesterday's peak already.  If this is Minor wave 3, its fighting it tooth and nail. And like Kenny said last night, it doesn't "feel" like one. And there are still plenty of   positive divergences all over the place.

The problem is, the overhead resistance may be stronger than any underlying support if the market keeps oscillating in wild swings between.  But the selling downside strength has clearly waned these last few days.    

From a earnings season run standpoint, the MM's have a window of opportunity to run the tape up and fill those big gaps down over 1100-1115 prior to July's kickoff. Then I think earnings will "disappoint" particularly with a strengthened dollar.   Yes these are some of the things I think about....

Anyways good luck, will be posting late tonight.
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