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Posted by Buff-Meister \"BUFFETTHATER\" on July 15, 2008, 1:41 pm
Has not worked in the past week. It is normal to pick
up a 10-25% retract of previous down moves on a short squeeze or news.
That has failed miserably as of recent. The 'over selling' is
a liquidation, not 2-way market action. I have been able
to set my watch by the Goldman bounce on oversales, that
is now broken with only breif, unrewarding token upticks.
Be careful, as i have said repeatedly, the next move will
be the bear market taking out prior market leaders, inclu-
sive of oils, ferts and PMs and depress stock prices
by 20-30% in quick violent downside moves.
In this part of 'The Bear', playing the bounce has to be
disregarded. Even if you don't play financials, watch
the movement in them, they will show you what to
expect from the current strength.
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