Wednesday, July 21, 2010

Stuck in the middle...

After a strong showing yesterday, the bulls ran out of steam and lost it on the gap up at the open. Once Ben opened his mouth, the buyers ran for the exits, and the market dropped to key support at the close.

While I'm still showing the bear count as my primary count, I'm very much aware that a break above today's highs should send the markets much much higher. Instead, I'm anticpating a continuation move tomorrow with a gap below key support with some help from the job numbers. The market likes to gap above key resistance and below key support when accelerating, and a 3rd of 3rd is a great place to get the party started.
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