Monday, August 16, 2010

Stocks Gap Lower But Close Unchanged


Stocks opened lower but rallied for most of the day to close basically unchanged. The S&P got down to exactly the 50% retracement of the July/August rally. I'd like to see a bounce here so I can put on
 a few more short positions as I feel the market will test the lows from July. A rally to the gap (111.00 area) from last Wednesday would be ideal but I don't think we will rally that much. Lets see what happens.

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