Buy and Sell Signals, and Other Market Perspectives Message Board

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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives

SPY 691.72

-0.1%

Jan 16 4:00 PM EST

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To: ggersh who wrote (3112)	4/29/2010 8:56:48 AM
From: GROUND ZERO™	1 Recommendation Read Replies (1) of 221927

I think the big clue for me yesterday for going long was that the SP's were actually trading higher than where they were when SP announced they were downgrading Spain's debt... that should have taken the market down 20 SP points and we already had a confirmed sell signal, I was almost sure these markets would break down hard, the DOW should have been down from the opening and finished down another 250 points, but that didn't happen... when the SP's began trading above the announcement price, I saw that the market didn't care... that was a very bullish sign... That's proof again that more important than the news itself is how the markets reacts to that news... it rallied yesterday on bad news, therefore it wants to go higher... Also, the divergent lows between cash and futures were also highly significant, that kind of divergence is very reliable... the futures traded below the previous day's low, the cash did not, this is bullish... GZ

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