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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives
SPY 695.41+0.5%Feb 2 4:00 PM EST
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To: Joppike who wrote (72980)7/9/2015 11:29:15 PM
From: Peace1 Recommendation  Read Replies (1) of 222809
 
Be careful. Don't let a negative position get too large. The technicals have deteriorated. I tried to catch the falling knife at 2.37 but bailed at 2.24. Sometimes it's better to take a loss and reenter later than to keep averaging down.

There is no such thing as undervalued when it comes to a commodity. It is purely demand and supply. Generally, as the price falls demand increases and supply falls but in this case OPEC has vowed not to cut supply regardless of price to regain market share from the shale producers. Also Iran has a ton of supply sitting around which will eventually hit the market. You may be right but to me its better to follow the technicals here. We could easily go back to $40s if China cannot rekindle its growth. Good luck.
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