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Monday, July 26, 2010

MELI


MELI broke out of a very short, V shaped cup and handle pattern, the cup of which tested the 50dma and an important support level. In hindsight, that was the ideal entry point,, but the market was n a correction at the time. If recent history is a guide, this should pull back to test the breakout point sometime in the near future, at which point I would be all over it.

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