Today was a fine example of why I would not try and capture any reflex rally that I thought was on its way.
The hedge remains in place until we reach at least the 50% level on the chart below.
Very Aggressive traders can take a long position if the market sells off early in the day. The odds of a snap back rally have increased dramatically with the price action today.
Remember that the ultimate low has yet to be put in place and any buying in this enviroment is a high risk proposition!
Tuesday, July 31, 2007
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