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Today has been a day filled with filling. In going through the different indicators I follow (most of them I do by hand), I have found nothing that suggests a change of view. This is an oversold tape, and while the rally call has been a bit early, it should still come to pass at some point not too far away. There are two ways to look at any potential rally and how you look at it depends on one thing - you. It could be an opportunity to lighten up if you believe you are overexposed to stocks and are uncomfortable or you could use it as an opportunity to buy a bit for an oversold bounce if it were to develop. How you take it should depend on your own assessment of your financial goals, risk parameters and needs - and most importantly your time horizon.

Why do I expect an oversold bounce instead of another leg down? Basically, because the market (as measured by the S&P 500 or NASDAQ Composite) has gone sideways for at least the last seven sessions and has become oversold on lower volume without breaking down. That is a sign of profit taking vs. a sign of distribution. Again, this view could be wrong and a sign of that would be a break below 1350 on the NASDAQ Composite and 885ish on the S&P 500.

As for my view of Daisy...Toddo - you got issues bro.
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Daisy may be great, but Casey is the real deal!
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