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Market Recap: Oil Clears $130.50 Spikes Lower, Stocks Rebound

May 27, 2008 9:38 PM

Well, the market played out almost exactly as i was hoping - almost. The easier trade would have been a lower open and then an early rejection. We opened higher and then spiked even higher and made it very, very difficult to trade early on. I was gone when it finally made the low above my “critcal zone” for the market - the 1370.50 area.

I should have known the market would continue to rise later once oil cleared $130.50 as once that happened oil was going “lower before higher” outside of any dramatic news - period. I made this call on Thursday night about oil. Bingo right on target.

Going forward we HAVE to hold today’s low. If we clear it, I think the market is in big. big trouble. Loook to be long above today’s low, but if it clears I would strongly consider exiting.

Written by Tom@StockBlade.com · Filed Under Current Market View 

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