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Wow, S&P and INDU bounced off the support obviously at 1075 and 8600
respectively. I am at least 97% positive that this break out is valid and
decisive; it is calling for more downside.
Anyway, the double top in Dow calls for 8000 but we "might" not get that
far. The 38% retracement level is 8457; however, with the way we're
progressing, it doesn't look like it will hold. The next retracement level
50% lies about 8175, which just about agrees with where the break out
started between 8200-8250 which is what I think as the minimum target.
S&P's picture is pretty much the same with 38% at 1063, 50% at 1023, and 62%
at 983.
Well, well, the only hope I see left for the long people is the 233 day
average which is just about 8400 and 1037 on Dow and SP respectively.
mines truly :)
HMJ
wahhh~~~~ in spite of NSPK, LSS, SMRT (I posted this :) and many of my other
shorts... My TRBD (one of my ONLY two longs) really bursted on me.
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