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Tuesday, March 10, 2009

Troubled by unresolved charts

If the market had gapped down this morning, I was going to buy.  Instead, we’re gapping higher, which is fine… but it means many of these charts that I thought would culminate in climactic lows still have unresolved business at lower prices.  That’s unfortunate for me because I will remain insecure that another bottom lingers below – it will also keep me mostly market neutral through this rally.  Oil and banks up is a potentially powerful combination, especially in an oversold market like this.  I will try to play the long side but with downside targets 10-20% below in most of the leadership stocks I watch, I can’t buy and hold them yet.

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