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Tuesday, August 17, 2010
The last tick during regular trading hours was 1088.75, below the 1090 level I cited earlier in the day. The electronic high on August 13 was 1089 so I am going to use this as the line in the sand. Any weakness below 1089 tomorrow morning during regular hours will move me back to my 1050-60 target. Failing that I am going to treat today's action as an upside breakout from the 1066-85 trading range.