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Chart Patterns are nothing but Footprints of the Greenbacks.
Sunday, November 29, 2009
Line in the sand
Next important support in the market is SPY 107.5 on a minor gap fill and the 50 SMA. Note that the oil stocks (especially the drillers in OIH) and the financials broke through their respective 50 SMAs a while back. Best acting sector right now are big-cap momentum tech stocks (GOOG BIDU AAPL).