Tuesday, April 9, 2013

Setting the hook

Anyone who has ever been fishing was taught that when you get a bite, you have to set the hook.  That's exactly what the market did to the long only bulls and the bears who covered their short positions.  Don't be surprised if we open the regular session tomorrow or Thursday, down 100-200 points.  The Dow's long term and highly important resistance, was tested again today and rejected the market once again.  The last time the Dow was testing this area was the summer of 2011.

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