Sorry, I had a problem uploading this video for 2 days now, and I finally got it. Thanks for your patients, and enjoy!
Summery: Short term strategy: SPX/SPY are trading lower and looks like the pattern has changed here we are starting to see SPX/SPY put in lower highs and lower lows on the 30 minute chart. We are now below the lower end of the channel on the 30 minute chart, and as long as this Bearish pattern continues we can continue to sell the rips and buy the dips.
Patterns: Short term: Bearish, Intermediate term: Bearish, Long term: Bearish.
5/15/09 16:35 ET Dow -62.68 at 8268.64, Nasdaq -9.07 at 1680.14, S&P -10.19 at 882.88: [BRIEFING.COM] Choppy trading in the early going gave way to broad-based selling, which resulted in the stock market's fourth decline this week. As a result, stocks logged a weekly loss of 5.0%, which is its worst in two months.
Stocks struggled to find clear direction in the first couple of hours of trading. Participants were generally uninspired by news that the Euro zone economy contracted for its fourth consecutive quarter, and that the pace of that contraction has accelerated. Despite the dour batch of data, European indices closed in mixed ashion.
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