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Market Commentary – FEB 9, 2010
Midday
This is the kind of rebound action we’ve been looking for. Now we will see if there is any conviction on the buy side whatsoever. It appeared earlier that the averages may be rolling over but they have stabilized so let’s hope we make another run higher from here. Still, the DOW is more than 200 points from challenging its downsloping 20-Day MA so there a lot of hard work, and resistance, ahead.
Our feeling remains that any rally into resistance will signal SHORT entries and a VIX hedge entry.
Coach BD