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Tuesday, June 15, 2010

Picture Perfect Kiss, now what?

The market today made a picture perfect kiss off of the SPX 1105 upper line today. As of blog post depicting the 4/10/10 stock charts, stated market in for a bull run up to 1105 as first major resistance level. Well today we hit it and bounced down. Does that mean its down from here? Hardly, it just means we are still in a significant no-mans-land for market direction.

Keep in mind Saturday is options expiration, so I expect some severe market moves into Friday and Monday. I wouldn't be surprised if we close higher Thursday and/or Friday and then tank lower on Monday.

Such an extreme volatility can't be good, but I guess time will tell. Also note Deck hit almost the old high. if Deck manages to cross over to 170, a real decent place to short with a tight stop. To the charts:

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