Thursday, August 6, 2009

Late Afternoon Update



Well apparently sellers are willing to at least test the waters, with a move to take out 992-993. I find this very interesting as the employment report is coming out and usually everyone is paralyzed the afternoon preceding the news. In any other situation I would expect a break like this to extend down in a furious fashion; however, I'm still not willing to put my money into anything until I see how tomorrow morning pans out.

So long as any bounce holds 996 through the end of today it gives me that much more conviction in identifying a top.

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