By Jeff Pierce

…I’ll be leery that we’re not just going to sell right back off tomorrow. I think many prudent traders would have like to see 1-2 more days of selling to work off the overbought conditions but the markets have other ideas. I feel that we’re in a precarious situation and wouldn’t advise taking on too many new positions until it’s proven that we’re not going to be turned back at current resistance levels.

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