Tuesday, February 24, 2009

Morning Review 02/24/09

Following a strong trend day as yesterday, we should expect a more narrow range day with perhaps a 50% correction of the previous day's range. We should also expect a test of the previous day's high or low, whichever is closer.
Today the market corrected around 40% of yesterday's day session range. The market did not go as close to yesterday's low as I thought that it would, but it did trade down close to the low, and thus far is staying above that low. I suspect most of the up trends are short traders taking profits.

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