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Quick Hit: Watch That Close

August 27, 2010

by David Moenning

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Watch The Close

It is worth noting that the few up days the indcies have had during the current trip down through the range have all wound up closing well off the intraday highs. Thus, we're of the mind that although much of today's move higher can be attributed to short-covering, a close near the high would break this rather bearish trend, while another big fade into the close would keep the bears in charge.

  S&P 500 - Intraday
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All the Best,

Dave M.
Chief Investment Strategist

 

Disclosure - Mr. Moenning and/or related companies own positions in the following stocks mentioned: none

  S&P 500 - Last 3 Months
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