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Market Comments: 5-26-2009

May 26th, 2009
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It l2009-05-26-sp500ooks like we’re stretching out our “hang time” at this potential top for a little while longer here. As I’ve mentioned in a number of previous posts, we look like we’re in a spot where we’ve rallied of off a potential bottom and now we’re about to test the resiliency of it.

I mentioned in my last post about this that we’ve failed our recent “tests”… so it’s important to be uber-cautious here. Note that on this chart we have actually made little to no NET progress since the beginning of May. Actually, before today, we had made none.

Back to the “bouncing ball” theory from a couple of weeks ago.

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  1. JamesD
    June 10th, 2009 at 23:59 | #1
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    Thanks for the useful info. It’s so interesting

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