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Wednesday, December 8, 2010

Wednesday 12/8/10 wrap up

Except for a drop in the currencies and metals this morning pretty uneventful markets today.

On the ES, the drop down from yesterday's high of ES 1235 into this morning's low at ES 1217.25 was clearly an impulsive 5 wave move.  Conversely the drift up today was choppy, overlapping and very corrective looking.  So chances are pretty good that there will be further selling in the very near term (next day or two).
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