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Tuesday, November 24, 2009

Tuesday Updates

This is how some of the separate indexes played out today, as the Russell continued to lose ground to the SPX and the DOW, while the TRAN hard a hard time recovering any of the lost gains after the open.
The VIX is in a bullish wedge, but could have more downside left in it, I believe that it will most likely make a new low, before quickly reversing.

After the Bell, This is the count I have, still they same as yesterday. Added another 1-2, but as I mentioned yesterday, I do not have really high confidence in this count, or any count at this moment, there are just too many strange things happening, and some unusual wave patterns going on. And to top it off we ended the day in yet, another triangle with the Bollinger Bands back to the tight levels!!
Breadth ended the day at 1.17:1, decliners on some of the lightest volume in the last two months.
7:06, This might possibly be the most important chart today, the VIX, getting pass the resistance would be huge for the bears. This has been a ugly thorn in the sides of the bears for the last week!!

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