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I noted inside the 12631 chat room earlier that my saved, custom made momentum screens in The PPT were very thin in terms of giving me few, if any, stocks to check out this morning. So, while the market moved higher this morning, it should come as no surprise that the indices’ gains have disappeared. I am still doing a lot of spectating with no participating. While it is not particularly entertaining, the consistent randomness of the action has made the idea of making money difficult for all parties involved. After all, consider the amount of pressure that the market has placed on shorts both yesterday and today at the highs. We still have plenty of sloppy charts out there for my taste, which is another reason not to beat yourself up over missing these huge spikes higher (apart from the fact that they have been faded). The bulls’ best bet was getting several days of momentum going, catching many off-guard. That has yet to happen, though, and it is increasingly looking like the bulls would be better off holding the line for a few days to tighten up some charts by going sideways.
In sum, you know that the momentum is not there for bulls when one of the top performing industries over the past two days has been the foreign utilities.
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she likes me, man?
i kneeeew it…
gonna ask her out thursday!