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Politics : Obama Watch

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To: Crimson Ghost who wrote (90)	1/17/2009 11:17:42 AM
From: LTK007	of 290

Rally Failure by Carl Swenlin January 16, 2009 In my January 2 article I pointed out that the stock market was overbought by bear market standards, but that the rally had plenty of internal room for prices to expand upward if bullish forces were to persist. There was a brief rally and a small breakout, but then the rally failed, breaking down from an ascending wedge formation. I wasn't really expecting a bullish resolution, but one must keep an open mind when appropriate conditions appear. On the chart below you can see the short-term declining tops line through which the breakout occurred. Instead of a buying opportunity, it was a bull trap. At this point we must assume that the November low will be tested. Note also that the PMO has crossed down through its 10-EMA, generating a sell signal. link to charts and stuff decisionpoint.com

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