Wednesday, May 5, 2010

A RALLY TOMORROW?

Today's price action was a bit bullish. The buyers came in at the lows and were able to push the market positive for the middle part of the day. We got near the 1150 area on the S&P 500. This is a VERY critical support area. If we break this support, we could possibly end up below 1000 on the S&P by the time the sell off is done. If we hold this support and move back above the 10 day MA, we might expect a small rally that we can take advantage of. The key is to be patient and to wait for confirmation.

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