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Strategies & Market Trends : Humble1 and Swing Trading Friends

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To: Joseph Silent who wrote (8969)	9/10/2012 3:13:44 PM
From: zman69	Read Replies (2) of 41148

Well, I certainly hate to be the bearer of unpleasant news. But QQQ as of today has seen a failure of last weeks breakout and is dropping back into the range. I am a big believer the market is healthiest when led by Tech, so today's tape action is at least a short-term red flag for me. Of course it could just be a head-fake move lower and we blast higher from here. This week's close is very important for the near-term outlook going into our 10/9 +/- critical date. If we close down this week then I would be looking for an intermediate-term pullback into 10/9 +/-, on the other hand if today was a fakeout and we blast higher from here then I would look for a climactic melt-up into 10/9 +/-. Ironically then, if the early October turn date is correct then a sell-off starting now and lasting into that date would likely be better for the Longer-term bullish picture. TWT...

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