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Re: Evil Rabbit post# 66594

Tuesday, 08/11/2009 3:18:17 PM

Tuesday, August 11, 2009 3:18:17 PM

Post# of 165857
I think it's just a dismal day as we fight to fill the gap between .12-.13. There's also heavy resistance at .12 that we've been trying to stay above and there's the MA(20) at .117 that we have now broken above and are fighting to hold. I think today's just been a tug-of-war of sorts and should be embraced as it's been a good opportunity to shake many of the weak hands out. We gapped up at the open and were running hard. Then, when we began to dip so that the gap could be filled, I think a lot of the daytraders who likely entered in the AM decided they would get out on the next run up. We then ran up to the mid 13s and saw a minor selloff. Just a shakeout day. We're doing today what we didn't do on our last run: we are holding a support level, namely the MA(20) around .117.

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