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E-Mini S&P 500 takes nose-dive on tidal wave of pressure!
The E-Mini S&P 500 while floating in the coil this week lost its buoyancy sinking past its previous support levels. Will this be a “bounce dive” where it drops to the bottom temporarily and floats back up immediately or is this a technical break that may need to retrace to $1206.00? The market is up about 25 % since September. Perhaps a major retracement will be necessary. Yes, perhaps today was our “perfect storm” as the Initial Jobless Claims grew, the Trade Balance widened, our Trade with China was slack, China’s Trade Deficit grows, Moody’s downgraded Spain and the Libyan President Maummar Gaddafi led a wave of attacks on the Libyan Rebels as World Leaders look on. The Muslim World is a place for the US to tread lightly as any intervention may be construed as an invitation to retaliate on our soil.
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