Markets Rally Huge And Break Major Resistance

July 23rd, 2009

Honestly, I never thought this would happen as fast as it did. Good thing members and I entered some selective long trades the other day, so we are at least enjoying SOME of this upside move in those trades. Other than that its really been a bad day for bearish guys like me. To see things continue higher and higher without consideration is alarming to say the least. However, I feel more confident after looking at the chart of the NASDAQ which is clearly at a very strong inflection point. The major BLUE line above it is the 50% retracement level going back almost a DECADE – i.e. BIG TIME IMPORTANT. However I’ll let you be the judge of where this roller-coaster is going tomorrow. Trading video tonight to re-cap the madness!

 

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