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[ogm]

My guess is everyone is having flashbacks how the market took off on the last NFP report and ran what seemed like forever, untill it gave it all back in the last couple weeks.

There are differences on the charts however this time.

The internals did break down in the past week. Sure we got oversold, and VIX spiked, and MCO got to -300.. so we are bouncing. Wasn't hard to see this one coming.

But will this bounce turn into another spike higher, now that oversold conditions are getting resolved ? That still remains to be seen. I wouldn't ignore the market's inability to stay above 1640 ES for long in the past couple weeks. Now that we bounced right back to it, its clear that ES is struggling here once again.

Edited by ogm, 07 June 2013 - 11:27 AM.