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Wednesday, June 22, 2011 3:21:49 AM
Hmmm ... well maybe 17 years (in some cases) is not long enough to learn about charting. This market has been in a trading range for three moths now. There was about a 1-1/2 month long bullish divergence on the Stochastics but, immediately following that on the day the market tried to break out of the trading range and was shot down, there now appears an even stronger sell signal. Since that sell signal, as I've said before, the market has gone sideways. That is NOT a bullish sign. So, I expect it to most likely collapse here at least for a while and if you can't see that possibility, then your not being objective in your charting. You're simply looking for reasons that will support your belief that the market is going to continue on up. The reality is, it can go either way and the only signal of any significance right now, on the daily chart, is a divergent sell signal and some pretty weak looking candles.
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