Hmmm....

Forgot to mention yesterday that the buying sentiment reached peak and today's gap up to above r1 triggered off a wave of selling which kind of exaggerated to the close. Many are now calling for lower low targets. The bulls are not dead yet. Technically the pullback today is 38% retracement of the rise from the low a few days ago. Though it looks bad because it closed today at 622ish below 630 pivot. However, other indicators points to the trend about to turn especially in view of the FOMC meeting next week. Tuesday's numbers are 634, 627 and 614 and if it can close above 627we are back in business. Hang in there bulls.

2c