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Monday, February 11, 2008

A Half-Assed Bounce

On Friday I half-assed expected a bounce, and today we got a half-assed bounce. Nothing was really tested today. If we can now retest the previous high (1396) and get through it, we will establish a new higher highs, higher lows trend, assuming we don't go down from here, and that is an assumption I am not willing to make.

The Russell was particularly weak today. 689 looks like the critical support level here. 731 is the resistance level it needs to break through, and that is getting tougher now with the decending 50dma.

The financials did not participate today, thanks to AIG's auditors. This market isn't going to recover until all these companies get the crap out in the open and quit trying to hide it.

Energy was where the action was today. Oil, oil services, coal, and natural gas were all big today.
Natural gas in particular has made a big 2-day run here and is threatening to break out.

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