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Buzz & Banter



Just a final post-market update: Since I brought it up in the first place, I thought it would be only fair to update the buy and sell signals I mentioned earlier. They finished the day in a much closer battle as the selling accelerated this afternoon, though buy signals still won handily 38-25.

Quite a few stocks today have pulled back through initial support areas, but have yet to give sell signals. Another day like this will begin to generate more sell signals on the charts, but I wanted to leave you with one more chart tonight to help provide a little perspective.

The SPY shows how short-term the levels we've broken, tested, worked against, however you want to describe it, today were. 97 is the real support on the SPY chart, which corresponds to 970 on the S&P 500 Index chart. The real test will come at 97. To those who, by profession or by choice, have to pick up dimes in front of a bulldozer, today's action was important. However, those with a bigger picture view can see from the chart below that so far we're dealing with a bar fight, not a riot.

No positions in stocks mentioned.

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