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20-Apr-09
20th April - Surely a correction?
Today has got to be a down day! We are at a major resistance on S&P with overbought conditions and futures pointing downwards. Its not the end of the bull trend, but its an overdue correction. I am not positioning myself too heavily on the short side, but I beleive one could take advantage over the short term. (4 days max!)
IFF is trading at 200 day MA resistance, posted a bearish candle pattern on Friday, is overbought on the short term stochastic (5,3) and is showing various divergences against its indicators (MACD, CCI, RSI). A great short if it moves below Friday's low today. There is slight worry that they will be reporting at the end of the month, but I plan to be out of this trade before then.
Chart is courtesy of Stockcharts.com:
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