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Friday, October 29, 2010

Friday updates

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Amazing that BKX is still respecting that lower Fib fan line, with smaller and smaller candles for the last couple of weeks, if this breaks down, it could be the canary in the coal mine for the rest of the market, as the first sign that the equities markets have entered a new down trend.
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8:05, So far not much movement on the SPX this morning, flat to slightly negative. The lower channel line is the most important line on this chart, and as long as the SPX stays above it the bulls have the ball. A break out of the channel to the downside will be the first sign that the short-term bullish trend is in trouble, with a major sign if 1171.70 is taken out. All the squiggles coming off of yesterday's low are corrective, and over-lapping which is not surprising as it has been the norm now for close to six weeks. Hopefully a new month, with the elections behind us, we can get back to a solid market direction, instead of hanging in limbo waiting for a confirmation of a trend.
**We are quickly approaching the end of the month, and it would be nice if we could increase the number of Donations to the Community Fair, so if you have not donated yet, please consider helping out!!!
A BIG Thank-you goes out to everybody that has helped out so far this month!!!

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