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Following Rita
Following Rita
-- Train - Following Rita
In the short term, the only thing the markets accomplished on Monday was to test the top of the downtrend and give it a bit more validity. I think most traders expected a bigger bounce today after last week's drubbing. The fact that we didn't get it is a negative. However, in the convoluted logic that is the market, this weak bounce could lead to a better bottom as traders give up hope, weak holders sell stock and participants become more pessimistic. Unless the market can take out the downtrend, a low in October still looks like the highest probability outcome.
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