Monday, March 2, 2009

March begins

S&P seems to have broken the november lows last week. Europe and Asia are deep in the red today before the market opens. My projection is for it to extend losses for at least a couple of days before rallying back to the new resistance.

In line with this, there's a good trade setup for USB. Currently trading at 14.31, it's sitting right on a resistance line, as well as the 21dEMA. With the negative backdrop in the broader market, led by bad financial news, i'm betting on buyer resolve to fade and for the recent lows around 10 to be retested.

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