Option Investor
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Equities are getting a nice little bounce off this morning's low as shorts get jammed once again. ES has climbed up into its morning gap down and I'm watching to see how high it gets. Anything above 50% of the gap tends to be bullish with an expectation that the gap will then be closed. Gap closure would virtually guarantee a new high above yesterday afternoon's. But until that 50% is achieved (just under 825, or about 4 points higher than the high so far just near 10:40 AM), this is a correction to the decline.

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