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Thursday, October 22, 2009

The top is likely now in

Just a quick note before the markets open and it becomes old news - the massive sell-off yesterday afternoon likely indicates the top of the bear market rally is finally in. It should be interesting how it unfolds.

The last time (recently) we had that kind of end-of-day sell-off was the start of the last correction in late September. Check out the volume spike on this chart.

Hopefully, it will take a while to play out. The slower it unfolds, the more bearish the prognosis.

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