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Monday Night: Editor's Note

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You could argue that the major stock indices have broken down from a bear-wedge pattern (not shown). The recent move definitely undermines any investor confidence that was already pretty shaky after last year's performance. I think stocks will go lower barring any unforeseen earnings miracles. However, the major indices are nearing short-term support. I expect a bounce first. Wait for the bounce to appear and then as it fades we can initiate new bearish positions.

No New Plays Tonight.

Here is a chart of the S&P 500 index:
S&P 500 Index

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