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Wednesday, April 11, 2007

The FOMC Giveth, And The FOMC Taketh Away

The weakened market was given a sucker punch by the same folks who gave it a boost 3 weeks ago. It seems the comments and the minutes did not quite jibe. Anyway, most sectors took a severe beating, the worst in the Tech sector. Higher volume across the board gives us another distribution day. Look for support on the 50dma on most indexes, if we get it it will tell us the short term direction of the market. If not, we may be testing last months lows.

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