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Wednesday, June 17, 2009

The Bear is Back!

The Bear is BACK

From WebSurfinMurf's Financial Blog

The market has broken a Bull trend line and tight trading range with conviction Tuesday. I originally became skittish when on 5/10/09, when SPX hit an intra-day high of 930. As posted on Sunday, the market trading in a tight range, needed to close outside of 925-955, which was done today. This bull trend break took much longer than I expected to be broken, over a month later than my original nervous high.

I expect this bear trend to be horrible to hold onto. I don't expect this market to move in a straight line. As I posted earlier, I don't want the market to go down, it is just what I expect.

See the SPX below. As expected the US Treasury interest rates are retreating, as the market softens. This will give the government more elbowroom for deficit spending.

From WebSurfinMurf's Financial Blog

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