Thursday, June 16, 2011

Slow Capitulation

This market is not scaring out the bulls, it is wearing out the bulls.  A lot of traders are looking at 1250 as the line in the sand.  If Greece doesn't get anything done, you will probably see a short term panic and we would blast through 1250 easily.  I am looking for an entry into this market but want to buy intraday dips to minimize price risk.  The big drop in crude oil yesterday was another sign that traders are slowly getting rid of their trusted favorites.  Looking for early weakness followed by afternoon strength.

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