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Monday, February 22, 2010

FTSE Schmootsie II

Following up on the FTSE (see: FTSE Schmootsie).

The FTSE stopped at a perfect 62% retrace with a nice bearish reversal candle. Now a reversal candle only signals potential reversal. But if we get some follow through tomorrow ... watch out.

Stochastics are also in the overbought territory. Also the DAX has a bearish candle sitting in the same spot.

This definitely bears watching.

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