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Thursday, August 26, 2010

Thursday 8/26/10 wrap up

Steady down today after a corrective looking drift up overnight capped by a nice little sell off into the close of regular trading.  However, the question posed yesterday remains unresolved, i.e. was the 5 wave sequence down that concluded yesterday a wave 3 or wave 1 of an extended wave 3.  I believe we'll know the answer within the next few days, possibly tomorrow.

The Vindicator was not working Monday due to problems in the data feed at TOS.  They got that fixed on Tuesday so that it was running real-time, however data from Monday was missing until today.  So we finally have Vindicator charts with continuous read outs for the week.  Unfortunately in studying them the information doesn't appear to be of much use.  The Buy/Sell lines have converged over the last few days and are not showing signs of any real push in either direction.  The V Stoch muddled around in mid-range Tuesday and Wednesday, and today it fell from near overbought territory to near oversold territory, but it isn't and hasn't been really ringing the bell either way.

Still holding short ES from 1085.00.
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