Thursday, November 10, 2011

Faded, and now?

The fade worked nicely, and now we are getting the first decent correction from the initial move lower. We fell a little shy of the lows from yesterday, but they can still be watched as a target. If we do head back down there, I would watch for a break of them, and then a reversal back above. As of right NOW, it doesn't look like we will get downside continuation on a break of the lows. This of course, can change quickly, but breadth is +700s which while not overwhelmingly, is still bullish and nowhere near bearish.

Wait and see mode for the time being as we digest the early action.


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