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Friday, October 2, 2009

Looking like SPX will break bull trendline

The jobs numbers where worse than expected, triggering a market selloff pre-market.

It is possible after the decline on the open, we get a snap back rally, but I wouldn't want to bank on that if I was long. I sold almost all gold miners earlier this week, gold is falling below 1000 an ounce. This could be a run for the door moment, so if you are long, put in a level where you will sell.

The SPX looks like it will open BELOW The bull trend line I mentioned in the previous post, from a charting perspective, SPX 950 is the next stop.

I really don't think this will be any sort of a major collapse, the market will bounce sometime soon. But what do I know?

UPDATE: Many calling for bounce, but still doesn't change my long term view.

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