This resilient market continues to act well. Despite losses in the morning, it came on in the afternoon in a strong 3-wave rally, took out the rally highs and were at the session highs with about 15 minutes to go, but rolled over into the close to end mixed on the day.
A test of the February 2009 highs could provide an ideal exit point to sell any short-term positions into strength, or at least trail protective stops more tightly.
The market, we keep hearing and reading, is telling us that there is recovery around the corner. And pundits point to data that seems to suggest the worst is behind us.
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