The market bounced off my supports yesterday. But it seemed to be too little and with the financials looking weak, I do not think this bounce will follow through today. I’m still sticking with my analysis that the markets are just gyrating with increasingly bigger swings due to the earnings season. We should breakout of this range that the indexes had been in since the start of the year sometime late this week. Currently there are more indicators pointing to a break downwards rather than a break upwards.
I believe that we have passed the high of the month already and from now on, it should be sideways and down.
Wednesday, January 20, 2010
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