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Thursday, March 19, 2009

BKX tech update - market update

The financials were as expected the driving force in the short covering rally and are exhausted after 50% gains in the case of the BKX. In the 30/1 area we have severe resistance for the time being. We can now expect a pullback of 5 points thereby half of that we saw already today. Wave A up came to an end and wave B down is now in the making. A wave C up will follow thereafter.
Basically other sectors will take over the lead as the commodity complex is clearly now in the upside correction. So keep using weakness to buy for the next week especially as that should be rather in a downside bias.

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