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Wednesday, September 1, 2010

CMG


CMG was the first of the leaders to break out in this rally attempt. I have lines between the previous breakout, which became support, and the new breakout point, and a fibonacci grid in between, which is a bit enlightening. This is a classic shakeout, as the big money was shaking out the weak holders. Price relative hit a new high whle price was still well below the high, indicating a move was imminent. What triggered today's volume is unknown.

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