Market Is Not As Bullish It Seems - Jeff Pierce

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I’m a swing trader of momentum stocks with a holding period of anywhere from a few hours to a few months. I run a number of screens to locate the strongest/weakest stocks out there, using technical analysis to determine my entries and exits. Trying to calculate the intrinsic value of stocks in... More

My company:: Astrology Traders
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Market Is Not As Bullish It Seems 0 comments

Jul 1, 2012 5:40 PM | about stocks: QQQ, DIA, SPY

By All About Trends
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Now take a look at where the indexes are before you cave in on your short positions IF you have them. The last few days we've been saying: Could it B? As in the B Wave Sure looks like a bunch of B's.
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Now for a zoomed in view via the 60-minute time frequencies. Watch the red line resistance (Blue A) zone which when all said and done COULD end up being a Double Top and of course an ABC up of the Red B wave. We'll touch upon what would happen after that should we continue to follow the script the market currently is following this weekend.
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Bottom line is resistance isn't all that far away.
Dow daily looks to be very close to resistance. RSI 60 could be another line in the sand to watch.
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Stocks: QQQ, DIA, SPY

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