Tuesday, November 3, 2009

Big gap down

The trading yesterday with the heavy intraday volatility/strong close after Friday's strong down move tells me the selling is exhausted.  The Europeans are catching up and selling out of fear ahead of the FOMC meeting, I think the US traders will rally this market higher at the open and we should see this market fill the gap today.  Right below current levels is strong support in the 1020s, so I have initiated a long position. 

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