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Saturday, July 18, 2009

Market Thought... the wall

The SP500 is currently at the 'great wall' of around 950, and overbought. Not a good combination, for the very short-term.

On top of the market's overbought position, its internals are itching for a pullback as well. The only important measure that may not need a pullback is energy/oil, but its technically weak at the moment.

In any case, I am expecting a slight market pullback of the SP500 to around the 910 level. Ultimately, I think we continue upward.

With the pullback, I will definitely get into GOOG via the Dec 420 calls, AAPL (pending where it settles after earnings, and will indicate via another post) and GS. Entries for JPM and FCX will take place as well, if interested in the names.

Also, SQM is a buy right now despite the markets desire to want to ease up.

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