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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 665.67-0.9%Nov 17 4:00 PM EST
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To: HairBall who wrote (1328)12/11/1998 10:55:00 AM
From: Patrick Slevin  Read Replies (1) of 99985
 
If I had to guess it would be some version of a stop run as the action yesterday probably got a lot of people short.

Sharp bounces off lows like that are often indications of short term turns in trend. There may be a very nice buying opportunity in a scalp day trade here.

Of course, the low has to not only hold but see a lot of support and perhaps another sharp bounce. Breaking that low later will make the day suspect for the bullish camp.
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