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Open Update: Lower Open Reversed As I Suspected (see update)

November 12, 2008 10:55 AM

It is still a little early as we haven’t been open for 30 minutes, but this low HAS to hold. The Dow low was 8481. We should see positive today at some point, IMO. The trade is long above this low, in my humble opinion. This feels a bit orchestrated however, but it is what it is.

10:30 Update: The low was never confirmed and taken out. We HAVE to have a firm low to be long this. This could get ugly today, I am not sure, but this attempt at reversing the selling near the open failed. This is a close day and we HAVE to close positive or any strength is meaningless. I also mentioned in comments that if this low cleared the market was likely in trouble.

Written by Tom@StockBlade.com · Filed Under SP Futures 

Comments

4 Responses to “Open Update: Lower Open Reversed As I Suspected (see update)”

  1. Tom@StockBlade.com on November 12th, 2008 11:19 am

    The low has NOT been confirmed as of yet… if this low cleas, we will likely spike much lower here… it HAS to hold… we need to hold this low AND clear 8580 or so or the market is likely in trouble

  2. Tom@StockBlade.com on November 12th, 2008 11:20 am

    ut oh… its getting close

  3. Tom@StockBlade.com on November 12th, 2008 11:32 am

    UGH, I was only looking at the Dow chart… the SP did not act the same at the open…. SOB

  4. Tom@StockBlade.com on November 12th, 2008 11:33 am

    We are below the daily trend lines… this may get very ugly today… do not be long anything unless we get a FIRM low

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