Friday, August 28, 2009

Steeerike! Right down the middle. I don't know why he didn't swing at that one


1025 proves to have a huge magnetic attraction which in turn will require a HUGE push either to the upside or the downside. There are no outstanding objectives above so closing above 1035 (preferably 1038) will result in a move probably to 1054 on the way to 1100+. That said there are far more outstanding targets on the downside that still need to be tested all the way back to 880 and lower. When this range does break, I will be on the lookout for signs that the first break will be false (which is usually the case). However being that the market hates to repeat itself and the previous ranging around 995-997 had a breakout lower only to fail and make higher highs, I'm willing open to the theory of an over exuberant run to 1054 only to have it fail miserably and start the resumption of the bear market. Only time will tell.............

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