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Thursday, July 8, 2010

Market Rally time

Well, my shot on Friday paid off. yea. I covered most of my remaining shorts, bought long miners.

A word of caution, the overall trend is still DOWN. I marked how during each "leg" we have more down days than up. These types of pump days are of a bear market, not a bull.

For now I am barely in short, so now would be a great time for a market collapse.
Long miners, GDX, GDXJ, SIL, SLV, and a bunch of others.

S&P 500 below 1,000 will be truly a level to watch, both for the symbolism (1,000) and the charts.

Also the USD is in trouble (hence my miners also). If it breaks below the current line, I'll post a chart.

S&P 500 chart below.

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