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Market Thought

What a difference 2 days makes. As I covered my heavy market short, the market continued to decline, and I thought I would be able to purchase AAPL, JPM and PWR at more attractive prices. But my-oh-my it was an interesting head fake.

The SMAs that were resistance for the market, are no more.

sp

There is a sense of bullishness that may ultimately lead the SP500 to 1320 before a sizeable market consolidation (or the continuation of the downward move).

I do see a sea of resistance within the Nasdaq, so I do not know if tech will contribute as much.

naz

There is resistance around 2400 (not shown) that maybe reached with an upward pushing market.

This entry was posted on Wednesday, July 30th, 2008 at 8:11 pm and is filed under markets. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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