Thursday, July 26, 2007

First Leg Down Looks Completed

The first leg of the correction looks to have concluded today.

While a retest of the lows we saw today is possible, the next move of substance should be up.

Look for heavy resistance to come in at the 1510 area on the S&P 500.

Don't get me wrong here, I am not covering my hedge I have put in place.
I still believe there is more to come on the downside, but short term sentiment is telling
us that this first move down is just about over.

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