Marginal Happiness

Monday, June 05, 2006

Rounding second base




The market climate does not look bearish with SP500 support holding at 1260 and the NYA50R between 30 and 50. Volatility remains within nominal range for a late bull run. Market action will probably have a few more sessions of herk-jerks until enough optimism has been extinguished. According to Jeff Saut this is about day 18 of a 17-25 session downside process.

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