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What's technical analyst Chris Kimble up to these days? Below is a chart and comments on the NYSE he sent me earlier today. Looks like he's been to the movies!
In the new movie Wall Street Michael Douglas remarks that "Bulls make money, Bears make money and Pigs go to a BBQ." Well he words the Pigs part a bit differently, but you get the point.
Falling channel resistance and a newly formed rising wedge have taken shape in the NYSE. Harvesting positions in U.S. markets of late has taken place, yet I'm not taking inverse positions at this time due to the strength in high yields, emerging markets and ETF's like PFF.
If the bottom of the wedge is taken out, I'll attempt to score on defense.
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