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Wednesday, August 10, 2011

8/10/2011 - MID DAY MARKET ANALYSIS

8/10/2011 - MID DAY MARKET ANALYSIS


MR MARKET IS HAVING A DIFFICULT TIME GETTING OUT OF BED. HE HAS A HANGOVER FROM YESTERDAYS RALLY PARTY.


IF YOU WERE TO BASE TODAYS ACTION FROM YESTERDAYS ACTION ONE COULD MAKE AN ARGUMENT THAT THE PAST 2 DAYS WE HAVE HIGHER HIGHS AND LOWER LOWS. HOWEVER "A ONE DAY RALLY DOES NOT A TREND MAKE". THE TRUTH IS THAT THE BAR FROM 3 DAYS AGO IS OUR TRUE RESISTANCE. YESTERDAYS BAR IS OUR TRUE SUPPORT. SO UNTIL WE TAKE OUT THE HIGH FROM 2 DAYS AGO OR TAKE OUT YESTERDAYS LOWS WE ARE HAVING NOTHING MORE THAN AN INSIDE DAY. BASICALLY WE ARE PATIENTLY AWAITING A BREAKOUT. IF NOT TODAY THEN THERE IS A HIGH PROBABILITY THAT IT WILL HAPPEN WITHIN THE NEXT 2 DAYS. EITHER UP OR DOWN BUT WE WILL HAVE A BREAKOUT! RIGHT NOW ITS LOOKING LIKE THE CONSENSUS IS ON THE DOWNSIDE. THE TREND IS STILL BEARISH. WE STILL HAVE DOWNSIDE MOMENTUM. WE ARE STILL TRADING BELOW THE LONG TERM MOVING AVERAGE. EUROPE IS ON FIRE. USA IS INSOLVENT. BOFA IS INSOLVENT. HECK WE ARE ALL INSOLVENT. 

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