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Short Term (lasts a few hours to a few days): Our main message in yesterday�s commentary was that ��any upside potential at this point would either be limited or sold off quickly. Consequently, we think the attempt to catch the final few points of upside potential is not worth the risk � we advise against new long positions at this time.� Today�s intraday pullback on the Dow and the S&P 500 (and to a smaller extent on the NASDAQ 100 as well) underscored this view. We see a new mid-term downtrend starting soon (based on the large buildup of selling volume seen on higher timeframe charts) � this is why we advise against new long positions at this time, even if we could still see some limited upside (perhaps only intraday) over the short-term (catalyzed by today�s late-day buying volume visible on 5-day charts).
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