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Friday, December 30, 2011

I know charts are meaningless now but...

So far over the last year the chart pattern with the most predictive power has been the Island Reversal.  What that means is you find a large sell off to new lows followed by an opening higher than the highs of the previous day and a rally from there.  Check the blue boxes.  I know I've said that charts have become meaningless in a market that is fully manipulated by the traders at the big banks.  But still.... We're getting an island reversal today.

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