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If our bearish hypothesis is to remain valid then
we must break below 836 with an eye on the 816 area. Any failure to make
downside progress will encourage shorts to cover. S/T resistance at 847,
855-858 and around 868 area.
Keep an eye on the Nasdaq comp. Mkt
gapped below the key 1349 level again this morning in a repeat of Fridays
open. If we get a close below that level then it could be
significant. A strong rally into the close would be another reason to
start covering shorts across the board.
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