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Wednesday, October 17, 2012

Wednesday, 10/17/12 update

So far this week the ES is tracking almost exactly as projected in the weekend update.  Red dashed lines in the chart were drawn over the weekend.  At this point the market is overbought on any number of short term measures but has yet to show any waning of momentum.  So the sell off of the prior few weeks begins to look like one great big bear trap.

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