Tuesday, August 24, 2010

Heading To The July 1 Low

The breakdown this morning puts the market squarely on a path toward retesting the July 1 low. I will be shorting the Qs this morning adding to existing short positions. Another distribution day should remove the hesitation on the part of IBD of calling the market in correction. Of course, this could turn out to be a near term low, but even if it is the damage is done and it will be hard to recover any time soon.

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