Longer-Term Market Trends Message Board

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Strategies & Market Trends : Longer-Term Market Trends

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From: ItsAllCyclical	7/24/2008 2:27:46 PM
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HUI daily Given the ST losses in both gold and oil and the above chart for those nimble enough ST this looks like a good buy pt w/a tight stop. I'll probably wait it out since I want to trade less ST. I think any rally will be capped by the 430-440 area max and more likely the 420-430 area. At the very least given the breakdown we've had and the current state of the Euro I think a retest of this area is extremely likely either way. TA wise a broadening rising wedge is not exactly IT bullish. Patience is required here. Seasonal strength is coming soon, but everyone is aware of the same thing. This chart eventually breaking the wedge to the downside meshes well with IT Euro down, IT oil down and Allans EW on the HUI. Longer chart of the GDX (etf approx HUI action)

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