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Thursday, January 3, 2013

Daily update 1/3

SPX was actually slightly higher today before the FOMC minutes came out.  I guess the committee is not quite as united on unlimited QE as thought.  That sparked a tiny pullback.  Here is the daily SPX chart.

SPX still closed outside the upper Bollinger band.  I don't think today told us much about whether we are going to attack the Sept. high or not.  This kind of pattern is pretty hard to initiate any new swing trades on.  It is too extended to go long, but until something sparks some selling there won't be a pullback.  This was an unusually large move for a two day time frame.  Some patience might come in handy here.


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