I would have liked to see a bigger blow off and a larger reversal, but today could qualify.
So far, I would say this appears to be another pullback (which we havent seen in awhile) and then yet another ramp sometime before a sell in May event. We will see how the trading goes if a sell off occurs here. A major top will involve major selling.
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Key Levels
Upside -- Here to about 1375
Downside -- 1361, 1354, 1310, 1300, 1269, 1258
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SPX Daily;
Here are all the potential support areas. It's interesting how the trendlines end up so closely following the moving averages right now.
Even though the market didn't end down a ton, there was some heavy selling in areas of the market. The Russel 2000 again got hammered. The Russel is one of the areas that was still a big move away from new highs.
AAPL was up 1.3% but the NASDAQ was down 20. That tells you most things were hammered pretty good and AAPL kept it from looking real ugly. Probably done on purpose.
Early next week is a phi mate turn date. So this could be just another fake out, but those dates are +/- a few days, so today may have been it for at least a couple weeks.
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Bernanke was probably not happy about the reaction to his speech today. By downplaying QE3, his intention i'm sure was to hammer oil prices back down. Knowing that in doing so, he might ding the market and knock treasury prices down.
Well.. he spoke.. market didn't like it, treasury prices sure enough headed lower, but oil held steady at 107. Oooohh.. i bet that burns his ass.. hahahha.. he is pissed tonight I think.
He did though manage to beat down the precious metals. But in the end, precious metals probably don't matter a whole heck of a lot to him, but oil does.
It really is sad.. I can't stand Ben Bernanke and everything he stands for, but at the same time, I know that the downfall of what he's created will mean terrible things for this country and my own children. In the end though, what he's doing has no other outcome, it is unavoidable, the outcome can only be delayed. I'd much prefer to get it over with now.
GL
CJ
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