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Wednesday, May 16, 2007

Setting Up A Trading Range

This rally is running out of steam, but the buy the dippers aren't going to let this market correct.
Watch for repeated efforts at breaking out past1515. If volume continues to decline, we will be stuck in a range between 1475 and 1515.

The VIX looks like it is going into a range between 12 and 14.
After yesterdays key reversal to the downside, today was a key reversal to the upside. There is no clear direction yet.

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