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Thursday, November 29, 2012
Rally stalling at 50 dma on SPX
Today the market rallied early but then bounced off the 50 DMA on the SPX and ended with a close below the 50 DMA. Tomorrow should be telling as I suspect this rally is over. Nonetheless we were stopped out of our short positions today though not very convincingly.
So tomorrow we will look to re-enter our shorts should the markets move lower. If the SPXU hits 40.15 anytime during the trading session we will enter our short positions.