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Once Again, If We Clear Friday’s Low, Then The Close Is Key…

March 31, 2008 6:13 AM

If we clear Friday’s low today, one again be careful of a last second countrend trade if we sniff positive… If we open positive and do not clear Friday’s low, I am very skeptical of the sustainability of any move higher forward…

9:08 EST Futures still relatively flat. Some markets overseas got hammered. NIKKEI closed - 2.3%, FTSE is pretty flat currently… Europe had big inflation numbers…. European Downgrades of UBS and Morgan Stanley …. I always LOVE downgrades after stocks have dropped 50% plus. Once again, thanks for your timely professional advice…ha.

 9:47 Reversal off the low…we need to hold this low of 1313.50 today…careful around 1326…

10:41 It only made it to 1323.50. The low.high here appears important. If we can hold the low and clear the high, it looks like we could make a run to 1330 area…it could back off 1326 range…but if we get any volume…I would guess 1330 would be more likely… If we clear the low, it appears that 1295.75 is a critical low…. but 1306.25 would likely be the next hurdle before that….

11:30 It backed off 1324.25…this is timing i believe and I smell 1330 area…

11:55 There is some resistance in this 1327 area…i am not a huge fan of resistance…unless I see the market clearly reject it…this appears to be more timing still….if we finish 12:00 under 1324.50…be very careful long unless 1326.50 is taken out…thats what I see here…

12:32 Dont see anything to suggest we wont go higher here…thus far…I thought 1322 area would be long…right on top of it…but it’s lunchtime :o) It appears to be far too early in the chart to exceed 1330 area…i would be careful up there long for now…IMO

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