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June 2, 2011

Early Failure

Stocks followed thru on yesterday's weakness, piercing the critical SPX 1311 level and forming a failed daily cycle. If this interpretation is correct, the failure was produced on only Day 5 of the cycle, implying at least five more weeks of downside just for this daily cycle. Following this signal, I initiated a short position on June S&P futures. The primary task now becomes ...

 

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