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Wednesday, September 16, 2009


This is an interesting chart in several respects. The base here is quite poorly formed, and it tried a breakout last month that failed quite miserably. The weak price relative (blue arrow) gave a decent indication that a failure was probable. It then built the right side of the base, and the price relative line rose, and it did break out today. CMF is seriously skewed to the downside thanks to a couple of high volume days where the close was lower than the open.

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