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Tuesday, February 8, 2011

Tuesday Updates!!!

If Light Sweet Crude breaks down below the long-term trendline of support with conviction, next level of important support is down at$80.28, the pink line. /CL has been flirting with that LT trendline all morning.
7:35, Interesting move on the VIX this morning, possibly a "Flash Crash" or a misprint. The VIX spiked down hard to $14.86 then quickly reversed back up to $16.35. In doing so it did break below some major support levels before bouncing near the lower Bollinger Band of $14.78.

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Yesterday's prediction for a boring market today was perfect, the equities markets have been down right boring this morning as the SPX works on finishing the current 4th wave Black. After this wave gets wrapped up, we should see an impulsive wave up to complete the 3rd wave blue before we go sideways again for 1-2 days tracing out that 4th wave. A boring week that should slowly stair-step higher.
The SPX has no business breaking below the top of the black 1st wave at 1308.98 at this point.

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