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Friday, October 15, 2010

Friday updates!!!

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7:07, OPEX Friday is so far living up to its claim of one of the most volatile days of the month. If the sell-off continues watch for a break below yesterday's low of 1166.71 which would break the lower channel line, that opens the door for an accelerated sell-off with next support down at 1155.71, and would also signal a new down trend. If the channel line does holds, and the SPX starts consolidating for the remainder of the day, odds are good that the SPX will continue making higher highs toward the 1196 area.
The 200 week moving average is coming into play now, and if the same story happens as it did back in April, it should provide the resistance necessary to cap the SPX under the 1196.52 level. The yield on the 10 year treasury bond moved up to 2.55% this morning, I posted a chart last night showing a potential bottom, and possible reversal on treasuries.

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