Analyzing IEDs.

Posted on Jun 30, 2010 by in Letters

The market is certainly spooked.  Could have something to do with the full moon.  Or fear of Greeks selling bearer bonds.  Whatever it is it's like a roadside bomb.  In looking for bottoms on a short term basis we can go to hourly data to look for hints of the possible future direction.  What we see in the hourly chart of the Dow looks like a bottom forming, and even has a breakout across significant trendlines.  But then it turns and returns to the congestion pattern.

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