OK so we did not get any bounce in the morning mainly because of the Pakistan and Citigroup situations. If your conviction about the direction is strong, you would have shorted when it rebounded in the morning. OEX 696 remains a stubborn support area for the bears to break. This area was tested four times now and around 2.30pm today due to the oversold condition, the market staged a reversal. Impression, but there is basically no change in fundamentals. Even technically, today's close was still below pivot 702 and far remote from 708. Tomorrow's numbers to watch are 706,701,and of course 696. It has to close in the range of 702 - 706 for the bulls to have any chance. If it hangs around 701 for too long, chances are that it will slice though 696 to 685 area. Will see.
2c
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