Friday, August 7, 2009

Intraday Update: Watch SOX...

Currently SOX is underperforming S&P. With breadth and tick looking rather bullish today, it is likely to finish green along with most sectors. HOWEVER, If it closes lower while the S&P closes higher, it could be a short term negative.

S&P 1015 is a Fibonacci retracement level. A break above that price could begin the next leg up.
I see nice consolidation across the board - offering some nice ranges to play.


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