Monday, July 27, 2009

Weakening Rally

That last push higher this morning looked very weak and even tho prices retested recent highs. The MACD and RSI did not confirm the move and now setting up negative divergences which means that we COULD see prices start to weaken here. Better to sit tight and see how low they want to take before buyers re-emerge again. I am not interested in shorting right here as the trend is too strong and will likely resume sooner rather than later.

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