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Recipe for Snapper

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Coming into the week, here's a few observations that suggest the possibility of a more pronounced appearance from Snapper.

  1. Last week marked the sixth consecutive weekly decline for the SPX. As the table below illustrates, this is a rare occurrence and one from which Snapper may well emerge.
  2. There are potentially bullish divergences between the SPX and BKX (see chart below).
  3. At Friday's low, the NDX completed a 10% correction from the high posted on the June 30 FOMC meeting.
  4. On Friday, the NDX traded below the Q2 low and in the process marked the first lower low on the quarterly chart since Q4 2002. As I mentioned in the Buzz last week, this was probably the initial downside objective for Boo.

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No positions in stocks mentioned.

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