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8/31/2010 2:49:19 AM
Our Thoughts for Tuesday, August 21, 2010
The markets made a total head fade move yesterday to open up the new week of trading. After appearing to base and reverse higher last week, stock prices sold off from start to finish yesterday. A quick gap down faded and filled before rejecting the buying pressure and sending us lower all day. The move bridged most of Friday’s impressive gains but not all of them which leads me to think that yesterday’s move was nothing more than a shake-out of all the recent sellers from which we can now see our corrective bounce. Hence I believe this sets us up for a high % bounce-back day today providing futures don’t crash through Friday’s lows overnight. They are actually down as I type this but unless they severely break the 1137 ES handle I would be looking for a bullish day and starting with a gap fade opportunity to get us going. If futures are down big to start the open it could be a strong snap back type bounce so be prepared right at the market open to jump on it. If we continue to sell-off tomorrow morning following the market open than all bets could be off as we could be seeing our H&S neckline crash in which all hell can break loose on the downside. As traders we need to be prepared for either scenario. Nevertheless I am looking for a strong response from the bulls. Good trading and we will talk to you soon.
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