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Thursday, November 01, 2007
The market has proven even weaker than I had expected and is now trading near the 1510 level. I think we shall see a bounce tomorrow which should start from near 1505 and carry up to 1530 or so. Weakness below the 1500 level will mean that the 1492 low will be broken and that the market will drop into the 1465-80 range ( 145.50 - 147.00 in the Spiders) before a rally to new bull market highs can begin.