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SPX, NYA, VIX, IBM: Market Refuses to Leave the Intermediate Chop Zone

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The depth of Friday's decline has raised some questions.

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One of the more bullish charts I studied is the Philadelphia Bank Index (INDEXDJX:BKX), which, at the moment, sure looks like a fourth wave triangle -- and it's right where you'd expect to find one. Sustained trade beneath the (C) wave low would open up more bearish prospects.


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Also still looking bullish is the NYSE Composite (INDEXNYSEGIS:NYA):


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No positions in stocks mentioned.
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