Thursday, December 11, 2008

Midday Update

The market looks tired here at midday. As I speak we are showing signs of breaking beneath 900 SPX. We have held strength all morning long but it looks like the market formed a rising wedge which is now breaking down and we should see a continued move down into the close. Be warned. I can see us getting back to the 876 level perhaps as that is the gap fill zone from Monday. Otherwise a retrace here back to the 900 area is a good short in my opinion going into the last half of the day.

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