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Thursday, June 21, 2012

Fed Up Yet?

 As expected, the Fed threatened much but did little - extending Twist through the end of the year.  Stocks and commodities didn't much like it; the dollar is up nicely.

If the sell-off holds or accelerates at all, it will confirm the Point B we placed at 1363.46 yesterday -- the Fib .618 retracement of the 1422-1266 drop. It might also confirm my suspicion that the daily RSI pop out of the channel was an aberration rather than a broadening of the channel, as seen in the following chart.  I keep coming back to this RSI chart below because of its import.

...continued on

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