Thursday, June 16, 2011

Big Bounce or False Reversal
Today the S&P had a strong bounce off of the 200 sma as well as closing above the 200 ema. The Markets have been oversold for quite sometime so is a bounce in play for tomorrow or Mondays session? Time will tell my bet is that with a break above today’s high we will see a decent sized rally. As always I could be terribly wrong but believe with the overly bearish sentiment ( ) and an interesting analog to the S&P in august provided by Erik Swartz that a bounce is due. (

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