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2-4-10 Be Careful Out There - Mid-Morning Market Update

|Includes: CBAI, SPDR Gold Trust ETF (GLD)

11:45am  (originally posted on Kudrna's Stock Market Blog)

I'm keeping an eye on the S&P 500.  We have resistance at 1071 but if we break that lower, we could be in for some trouble.  I'm eying adding to my positions in GoIP Global (OTCPK:GOIG) and Cord Blood America, Inc (OTCPK:CBAI).  Gold is also hurting right now which doesn't make a whole lot of sense seeing as if we are truly in trouble, Gold should be our safe haven.  I'm keeping an eye on SPDR Gold Trust (NYSEARCA:GLD) for another successful trade after my last one which I sold just under 110. 

Be careful as we continue to dip lower and just broke resistance on the S&P 500.  This does not look good for us in the near term.  If you've been reading my blog, you should be well prepared for this as I predicted this bear market a while ago contrary to the pundits on TV saying buy buy buy.  Good luck out there.

Mike



Disclosure: Long GOIG and CBAI but positions can change at any time