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  1. By daveinbedstuy on July 26, 2010 1:05 PM

    We are in the middle of a low volume test of many indices 200 day moving averages. These levels should be where we run into some resistance but for the moment we are trading above the 200 day averages for the S&P 500 futures, DOW Industrials, NASDAQ 100 etc. We are also trading above the 200-day average for Copper. It is strictly the close that matters but this is a significant test. If you are a non-believer in this rally this is the point where you should be willing to take some profits.

    We closed at the high. The technicians are going to be all over this. Hedge funds are WAY underinvested. Only something out of Obama-world could screw this rally up now.

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