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Friday, July 24, 2009

Not a Major Accumulation Day

FN: Yesterday's rally was impressive to be sure. Volume pickd up to match and important levels were broken to the upside. However, yesterday was NOT a "Major Accumulation Day". Not even close. The ratio of up volume to down volume was 5:1.

Breakout or fakeout? Markets have really stretch deep into overbought territory. Was this the blowout top of the move?

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