Wednesday, August 5, 2009

Nasdaq

This market is continuing to give signs of a sell-off. We had yet another candle pattern form yesterday- the hang man. This recent rally is running on fumes now. The only thing missing is the sellers! Maybe we need a strong up move that gets strongly reversed; or maybe we will get the selling after Friday's unemployment. Either way in order for this rally to continue in a healthy manner we need to see a retracement. I'm looking to short below yesterday's low and will exit if we don't settle below it.

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