Wednesday, August 10, 2011

Looks like the bottom is in......

Waiting for a daily close higher now and we should head towards 1200-1220 as the first target with the second at 1240-1250. Don't think the FOMC statement does all that much other than tell us all what we were thinking anyways ie that very low interest rates are going to be here for a while". It will be telling to see how strong the bounce is as if it fails within a few days then a retest of the lows would be imminent.

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