Wednesday, June 3, 2009

Dow Cash Update 6/3/2009

The markets essentially traded sideways since my 5/12/09 Dow Cash Update. Starting overnight Sunday 5/31 and into Monday 6/1 we blasted through the 8515 key resistance mentioned in those updates and went virtually straight to the KEY 8750 resistance/target of the 8515 snap without so much as a pause. This 8750 area on the DOW is a KEY area. I mentioned in the 5/5/09 Market Update that I would view this area as a pure fade the first time up to it and as the next area to look for a CIT if the 8515 got taken out. That scenario is in play now.

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