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I know general TA consensus says that we have broken a major
resistance and 947 or better is in sight tomorrow.
This may be true but this rally could have also been fueled by the
absence of major bad news and CEOs signing on the dotted line.Plus
coming off the heels of a major decline never hurts.
Tomorrow I believe that:
1. UAL will announce Bankruptcy plans
2. Major CEOs of certain firms will not sign
3. Companies will announce a need to redo back years
4. While we passed the early Aug. high we are still below July highs
5. The 200 day moving average is a long way off
6. 775.9 may have been the low for this cycle but that does not mean
880 will not be retested.
We can move higher but I think we will end lower. It would not take
much to derail this uptrend which until now has been fueled by weak
volume.
This one may have passed a "magic" number but that does not mean that
it "is" the magic number to climb aboard.
Thoughts?
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