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NOW Index had two consecutivve days in buy
territory, Wed. & Thursday. Friday, the bottom pickers came in and nudged
the NOW just above the 1.50 buy threshold with a
1.45. I was hoping it could stay in the buy
zone for three consecutive days which would have made it as oversold as it was
for the July 11-12 bounce. The odds are still fairly good for a bounce off
of the 1180 area on Monday, but not the primo opportunity, had there been just a
little more conviction Friday on the sell side. Bears: Beware, SPX
1180 area was the low in March and should be good for at least a
bounce. Monday, Mars will be at 1 Capricorn = 271. 3 x 360 =
1080. 271 + 90 deg. = 1081.
Keep an eye on Coffee and Cotton next week,
could be a tradable low. I see less risk in thiese commodites than the stock
market.
<FONT face=Arial
size=2>Cheers,Norman
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