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Deep Market Thoughts – Bear Hope, TZA, IBM

Filed under: Stock Sector - 28 Apr 2009

Not much to say before the Fed meets tomorrow.  The rate decision and corresponding verbiage will probably produce the usual romper room moves after the announcement.

One hint the winds may be starting to favor the bears today, or bulls searching for a pullback, was a higher low pivot on the 60-minute chart.  Three drives down in TZA produced some support near 31.

tza-60-042809

Big picture weekly is clean for TZA and an NR7 pattern.

tza-weekly-042809

Yet again today, the bull side was easier if you’re a dip buyer.  IBM to 110?

ibm-042809

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