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Thursday, June 18, 2009

Pullback done?

The S&P 500 pullbacked to the 200 DMA and jumped right back up. After some consolidation it is now near 920.
If it clears 920 , that will be a huge positive.
Today evening RIMM reports earnings and if they are good or lets say the market likes it, then expect S&P 950 and higher very soon.
But if not then 900 can become support which has to be held.
So right now things look good for a rally but the news has to be good.
I like AAPL and MSFT both here , the technicals look good and also BAC looks fine.
While all this is going on, Bio-techs have been rallying.
So it looks like there are lots of good stocks out there for people to buy.
But 950 has to be cleared on the S&P 500 , else it just becomes a trading range. But I do feel that the good strong stocks should do fine and not collapse even if the markets do.
Of course these days things change so fast that before you know it ahuge rally becomes a down day.
So be careful and good luck.

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