At one point, as we were breaking down below 1230, it looked like all hope was lost. But, somehow the bulls managed to pull things together even with momo names breaking down.
Here is a 30 min chart of the S&P500:
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We are not in the clear just yet, especially with a news driven market, but the spot here is easy to manage if you initiate new longs. If we lose 1226, all bets are off and the bear suit comes out. As always, continue to watch the dollar and copper for clues.
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I just ordered my Bear Suit from Amazon. As a Prime member, I get 2 day shipping for free! Just in time for next week’s death roll.
It is always good to see others come to the same conclusions I do. It shows that I’m probably right.
I posted the same generalized idea here: http://ibankcoin.com/bunny/2011/11/10/expect-a-breakout-_/ and I mentioned it speculatively the day before, as well.
Cool, looks like we are on the same wavelength. I will have to bookmark your blog.