Tuesday, August 24, 2010

We are now testing the lower end of the range. We tested the upper end of the range in early august and sentiment was very bullish. Now we are testing the lower end of the range and sentiment is growing very negative once again. We definitely could see a little more selling here and fully retest the july lows but it will not be a straight line down. Need to expect some big bounces along the way. As ugly as things feel right now, i am favoring a range bound market rather than a breakdown(at this moment at least).

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