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Market thought continued

The market looks interesting. It is overbought, but has for the moment held support via the SMAs.

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The market can move to the 1300 level, but I do not seeing it surpass it as the MACD will also act as resistance.  However, being that it is overbought, the reward is to the down side.
Ultimately I still believe in the thesis that the Vix will rise to the mid 40s before a bottom can be achieved.

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This entry was posted on Thursday, August 7th, 2008 at 10:09 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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