Support isn't' quite like it is on the way back down. a double retest, and a lack of significant bounce...
In the Narrative in my head it's bearish.... I'd also suggest we gap down on Monday.
My last target was 87..
and I have a new one of 86.... ish..
if we break I'll take a new look at it....
there is all that support on that big dip we took a month ago... the 250 pt reversal.. that then gaped down.. that is a good target too.
Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.
J. P. Morgan
Friday, May 15, 2009
Well
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