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Wednesday, December 17, 2008
I just turned on my computer and saw that the market dropped as low as 886.75 early this morning, a much bigger reaction from yesterday's 915 high than I expected. This makes me suspect that a lower top has formed, but even if not I decided to sell my longs at 898.75 a few minutes ago. I still think the market is headed for 1000 but this apparent failure to stage a breakout above the 920 level means that we may be headed to 850-60 first.