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Strategies & Market Trends : Humble1 and Swing Trading Friends

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From: Fintas	6/5/2012 7:54:42 AM
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Looking at some technical charts from Decision point, all I can say is yes there's a bounce coming but the charts and indicators I was looking at whether they be the spx, spxew or individual equities say UGLY. My experience via hard lessons have taught me there is NO fast cure for UGLY. So yes bounce is coming but WORK/TIME is needed before UGLY turns to BEAUTIFUL. And why I say GRIND GRIND GRIND. That bounce would have to close dramatically over spx 1342 i.e 1350 ish to then allow for a pullback to hold above the 1323. THEN it could build from that spx 1323. If that doesn't happen expect GRIND GRIND as 1333 will probably not hold and down we go to try for spx 1260/1242 with an outside shot at 1230/1218-1216. The retest and lower is supported by the bell curve avg that does allow for bell curve of 35 or lower and a bunch of sectors sitting in the 38-42 that want to TOPPLE left and that supports the spx 1260-1242. To get to lower numbers would require many using the bounces to sell into strength and then it becomes self fulfilling to try for 1216. IMHO

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