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Minyanville's T3 Daily Recap: Market Continues to Make Lower Highs

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The market failed at the upper end of its range once again today, accelerating to the downside into the close.

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The market failed at the upper end of its range once again today, accelerating to the downside into the close. The Nasdaq was the weakest index, finishing down 2.2%. Most major technical areas were violated around mid-day, which was the cue for active traders to switch gears again.

Confusion still reigns in Europe over how to tackle the escalating sovereign debt crisis. Markets bounced over the past few days amid growing hope that leaders were seeing eye-to-eye on the need for a meaningful solution, but that optimism receded somewhat today. The rest of the week will be interesting, due to the Jewish holiday and possibility of end of quarter window dressing. I believe it is best to keep any new trading activity light until at least next week, even though it is tempting to take overnight shorts after a sell-off like we saw this afternoon.



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No positions in stocks mentioned.
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