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The equity markets appear to be in the last day or two of a bottoming
process. I expect to see a lower range day with perhaps lower lows tomorrow
and a reversal on Thursday. The semiconductor holder, SMH, flashed a buy
signal today and nearly all the semi stocks I cover are nearing strong buy
signals so, is often the case, semis may lead the way up.
Bonds are in a sell condition so funds coming out of bonds could stimulate
the rally.
I have no reliable way of determining the extent of a reversal but my Near
Impulse forecaster indicates the possibility of a multi week rally.
Positive geopolitical news could also reduce fear and help fuel a rally. We
shall see.
Jim White
Jim White
PivotTrader.com
Home of the Near Impulse Forecaster
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