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Chart Patterns are nothing but Footprints of the Greenbacks.
Wednesday, June 01, 2011
Market Damage SPY
We took out 3 major moving averages today, 20SMA, 50SMA, and tagging the 100 SMA which finally stalled the bleeding. From a technical point of view we’re working with damaged goods now. We’ll spare you the “stock picker’s market, be cautious, raise cash” cliches, but we think we’re in for a range bound grind of a summer going forward. Oh yes, and this will be a stock picker’s market, please be cautious and raise some cash.
Four slow steps up, and one very dirty fast move down.