SPDR S&P 500 (SPY): Markets are gonna crash again!! REad my...

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Thursday, 08/12/2010 7:36:45 PM

Thursday, August 12, 2010 7:36:45 PM

Markets are gonna crash again!! REad my technical report

Any technician knows that a gap in either direction of a trend is market strength. And just today, August 12, the market gapped down, which means we can kiss the 109.12 level good bye. The market will need a miracle to fill this gap. And I am not sure if anyone is aware of this, but the market performed a beautiful double top which is a very bearish signal. We are taught that double tops are reversal patterns, but they can also imply bearish continuations as well. Not only that, the market just cant break free from its 200 MA (even though its traded a little above it). The heavier volume is to the bearish side, and the weekly top in april bounced down from its 50 MA.

In conclusion:
Brace yourselves for another roller coaster ride to south side!
I'm well prepared with put options in FAS, SPY, XLF, and XLB.
are you?

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