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Friday, October 03, 2008

What a roller coaster ride

Below is a chart of the E-mini NASDAQ-100. The day started with a 40+ point climb, but immediately after the "new bailout bill" passed all of that was given back...and then some. After some volatile chop, the downtrend resumed with another 60+ point drop from the pullback. Price took out yesterday's low, and closed near the low of the day.

No doubt this will have some calling for "Black Monday". It is October, so nothing would surprise me. Overall the action is very bearish.

But who knows - we could catch Osama bin Laden this weekend!

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