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Monday, June 27, 2011

June 27

Today is the day that we should have had Friday. I am still unsure as to whether we have a tradeable bottom here, or whether it is more likely that we are entering a consolidation range.

For the bottom call, we have COMPQ and RUT leading the move back up. For the consolidation call we have the last two weekly candles on the SPX and the sluggish reaction still on the SPX. Also today was an early up day that has finished in weakness, which has not been a bullish pattern for the next day recently.

As of right now, I am still leaning toward the consolidation call.

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