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<<NASDAQ and SP are SHORT term oversold>>
We may be more oversold than this before the end of the week, or at least by
the end of the trading session! Testing the lows of 1348 on the S&P appears
to be imminent now whether it is today or later this week. It seems to me
that all the bargain shoppers are getting pinched at this point even on the
bigger stocks. They are just about under water across the board from where
they bounced in April, even though the S&P index hasn't quite made it back
to the lows. Should be interesting. As always, watch what the big money
does, not what the big money says. On Monday, the big money was saying sell
into the Friday rally.
Patrick White
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I do expect a small rally from tomorrow's low of about 20-30 SP points
and 100 -150 ND points
this will be a dead cat bounce and should only be used to get out of any
longs you still have,
Bob gross of pimco (3 years # 1 money mgr. of bonds) see bonds trade
3-9 month 6- 6.5%
(which does not bode well for equities)
Best regards,
Ben
p, s McCllullen went under 0 yesterday
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