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Thursday, October 30, 2008

SBUX technical outlook - market update

Starbucks seems to have found a bottom in - the daily chart gives a chance of a retest of the lows as the weekly count besides the 13 is still in a (green) setup 6, hence within 3 weeks we should have a low around 9/10 with a target of 16 but a 20 is possible as well.

The market moves within yesterday's range so far, but in case of the NDX it will brake a pattern, since we will have made 3 consecutive gains. Volume is lower than yesterday and the window dressing is active tomorrow and should keep markets up. The BOJ might cut the rates anyway tomorrow, which should help keep markets up - although its basically priced in.

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