Wednesday, October 21, 2009
Late Break
The e-minis dropped more than 20 points during the last hour of trading. The market dropped a couple of points past support defined by the last top at 1075.75. However, I think we are not far from the low of this reaction. My best guess is that it will develop near 1066 sometime tomorrow.
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4 comments:
Carl. How do you know that the top is not in? The S&P futures have not yet traded 1100 which is suspect is it not?
So this isn't a supply shock??
On the drop in early October, IYR (real estate) found support at the 50 day moving average. I'm looking for a similar bounce tomorrow.
tomorrow will be VERY bloody day
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