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Realtraders,
Currently it is Tuesday morning around 8:35 EST and the globex futures
are up 14 to 15 points.
Last week as many of you know, we discussed this market and in particular
the area between the downward sloping trendline and the old highs. After
finding resistance at those old highs, as expected, the market moved back
down to the above mentioned trendline and consolidated. This downward move
appears to have strengthened a base, so that this market can go higher.
Given that the globex looks very strong, it would appear that we are going
to run those stops which are located just above the 1000 mark on the S&P
futures.
Therefore, in short, I am expecting a pretty good day today. Further,
based on todays close, I believe today will also determine if we are going
to have an explosive breakout of the trading range (flag formation) that we
have been in for several months.
Hope this helps, any other thoughts.
John Boggio
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