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Short term top developing, possibly!

Author: Varun Kanotra (info)
Website: http://www.targetsix.com/
Posted: April 10th, 2007 at 7:41 am EST
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There is a possibility of a short term correction coming in the market in the next day or two. The volume on the NYSE has been declining the last week as the market has moved higher. Yesterday, there was good volume in the market but it led to indecision which is typically an early sign of possible institution selling. The market could really use this short-term correction as a breather before moving higher. If you are long, I would consider getting rid of some positions or one can consider some short-term swing trades as well on the short side today or tomorrow.

1440 is a level to watch on the SPX and we are only 4 pts above that currently.

CME continue to coil up inside the beautiful penant while GOOG is showing signs of bearishness.

Keep those stops tight if you are long and look for low-risk short entry possibilities.

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