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发表于 2009-6-3 08:18 AM
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Given that we've rallied for four straight days into a new multi-month yesterday, and are indicated to gap down this morning below yesterday's low, it looks like a major change in character that should lead to more selling going forward.
In fact, the last time we saw this was on May 20th, 2008. That was under fairly similar circumstances and indeed it marked the peak and a waterfall decline to new lows. But surprisingly, this was an isolated case. There were 10 other instances using S&P 500 futures since 1982, and all 10 closed above their opening price. 9 of the 10 were still higher 3 days later and 7 of them were higher a month later. Really only 3 of the 11 occurrences marked any kind of meaningful peak.
So I'm not necessarily counting on this morning's weakness to lead to another waterfall decline even though that's what happened last time. I'm just looking for a pullback (I guess I'd add myself to the "correction" camp along with so many of the I.I. respondents). As I reiterated yesterday, I've been looking for the S&P to hit trouble as it ran into 940-950 which I'm still as a likely (temporary) ceiling over the next week or so. |
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