Monday, May 17, 2010
Going Down
The market is gapping up to my surprise. There was a furious comeback during European hours coming backf rom down 15 on the futures right before European markets opened. Euro has also bounced back from 1.22xx. I expect the market to fade in the 2nd half of the day, this seems like eager beavers thinking that Monday will be up because Friday was down.
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XLF bounced off the 200 day moving average. That may be the bottom for the next few days.
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