Wednesday, June 24, 2009

BULLS FIGHTING TO HOLD SUPPORT

The market sold off a bit as the FED announced that there would be no changes to the current interest rate. I expected that. I didn't expect the buyers to keep prices from falling going into the close. We are at an area on the chart where the 50 day MA and the 200 MA are beginning to intersect. The market tried to hold this support today. I think its possible that we could get a little snap back rally in the next day or two, but I still feel we will eventually move lower. This is not a great area to enter any new trades so be patient.

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